2009 Rhode Island Code
Title 42 - State Affairs and Government
CHAPTER 42-142 - Department of Revenue
§ 42-142-5 - Annual unified economic development budget report.

SECTION 42-142-5

   § 42-142-5  Annual unified economic development budget report. – (a) The director of the department of revenue shall, not later than October 15 of each state fiscal year, compile and publish, in printed and electronic form, including on the Internet, an annual unified economic development budget report which shall provide the following comprehensive information regarding the costs and benefits of all tax credits or other tax benefits conferred pursuant to §§ 42-64-10, 44-63-3, 42-64.5-5, 42-64.3-6.1, 42-64.9-6.2 and 44-31.2-6.1 during the preceding fiscal year:

   (1) The name of each recipient of any such tax credit or other tax benefit; the dollar amount of each such tax credit or other tax benefit; and summaries of the number of full-time and part-time jobs created or retained, employee benefits provided and the degree to which job creation and retention, wage and benefit goals and requirements of recipient and related corporations, if any, have been met. The report shall include aggregate dollar amounts for each category of tax credit or other tax benefit and for each geographical area within the state; the number of recipients within each category of tax credit or other tax benefit; the number of full-time and part-time jobs created or retained, the employee benefits provided; and the degree to which job creation and retention, wage and benefit rate goals and requirements have been met within each category of tax credit or other tax benefit; and

   (2) The dollar amounts of all such tax credits and other tax benefits by each approving authority pursuant to §§ 42-64-10, 44-63-3, 42-64.5-5, 42-64.3-6.1, 42-64.9-6.2 and 44-31.2-6.1, together with the cost to the state and to the approving agency; the value of the tax credit or other tax benefits to each recipient thereof; and summaries of the number of full-time and part-time jobs created or retained, employee benefits provided, and the degree to which job creation and retention, wage and benefit rate goals and requirements of the recipients and related corporations, if any, have been met.

   (b) The director of the department of revenue shall provide to the general assembly, as part of the annual budget request of the governor, and shall make available to the public via the Internet, a comprehensive presentation of the costs of all such tax credits and other tax benefits to the state during the preceding fiscal year, an estimate of the anticipated costs of such tax credits and other tax incentives for the then-current fiscal year, and an estimate of the costs of all such tax credits or other tax benefits for the fiscal year of the requested budget, including, but not limited to:

   (1) The total cost to the state of tax expenditures resulting from such tax credits and other tax benefits, the costs for each category of tax credits and other tax benefits, and the amounts of tax credits and other tax benefits by geographical area;

   (2) The extent to which any employees of and recipients of any such tax credits or other tax benefits has received RIte Care or RIte Share benefits or assistance and the impact that any such benefits or assistance may have on the state budget; and

   (3) The cost to the state of all appropriated expenditures for such tax credits and other tax benefits, including line-item budgets for every state-funded entity concerned with economic development, including, but not limited to, the department of labor and training, the department of education, the economic development corporation, the commissioner of higher education, and the research and business assistance programs of public institutions of higher education.

   (c) Forthwith upon passage of this act, the director of the department of revenue shall undertake to develop a method and a procedure for the collection and analysis of comprehensive information on the basis of which the costs and the fiscal and social efficacies associated with those tax credits and other tax benefits conferred pursuant to §§ 44-31-1, 44-31-1.1, 44-31-2, 44-32-2, 44-32-3, 44-42-2 and 44-55-4 may be evaluated and weighed by the executive and legislative branches of state government. On or before December 31, 2008, the director shall report to the governor and to the chairpersons of the house and senate committees on finance upon his or her compliance with this subsection and set forth his conclusions and recommendations with respect thereto.