2020 Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-142 Department of Revenue
Section 42-142-6 Annual unified economic development report.

§ 42-142-6. Annual unified economic development report.

(a) The director of the department of revenue shall, no later than January 15th of each state fiscal year, compile and publish, in printed and electronic form, including on the internet, an annual unified economic development report that shall provide the following comprehensive information regarding the tax credits or other tax benefits conferred pursuant to §§ 42-64-10, 44-63-3, 42-64.5-5, 42-64.3-1, 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; an overview of benefits offered, 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 of each category of tax credit or other tax benefit; to the extent possible, the amounts of tax credits and other tax benefits by geographical area; the number of recipients within each category of tax credit or retained; overview of benefits offered; 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;

(2) The cost to the state and the approving agency for each tax credit or other tax benefits conferred pursuant to §§ 42-64-10, 44-63-3, 42-64.5-5, 42-64.3-1, and 44-31.2-6.1 during the preceding fiscal year;

(3) To the extent possible, the amounts of tax credits and other tax benefits by geographical area;

(4) 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

(5) To the extent the data exists, a cost-benefit analysis prepared by the office of revenue analysis based upon the collected data under §§ 42-64-10, 44-63-3, 42-64.5-5, 42-64-3.1, and 44-31.2-6.1, and required for the preparation of the unified economic development report. The cost-benefit analysis may include, but shall not be limited to, the cost to the state for the revenue reductions; cost to administer the credit; projected revenues gained from the credit; and other metrics that can be measured along with a baseline assessment of the original intent of the legislation. The office of revenue analysis shall also indicate the purpose of the credit to the extent that it is provided in the enabling legislation, or note the absence of such information, and any measureable goals established by the granting authority of the credit. Where possible, the analysis shall cover a five-year (5) period projecting the cost and benefits over this period. The office of revenue analysis may utilize outside services or sources for development of the methodology and modeling techniques. The unified economic development report shall include the cost-benefit analysis starting January 15, 2014. The office of revenue analysis shall work in conjunction with Rhode Island commerce corporation as established by chapter 64 of this title.

(b) After the initial report, the division of taxation will perform reviews of each recipient of this tax credit or other tax benefits to ensure the accuracy of the employee data submitted. The division of taxation will include a summary of the reviews performed, along with any adjustments, modifications, and/or allowable recapture of tax credit amounts and data included on prior year reports.

History of Section.
(P.L. 2011, ch. 151, art. 19, § 10; P.L. 2013, ch. 155, § 4; P.L. 2013, ch. 209, § 4; P.L. 2014, ch. 528, § 62.)