Section 870-RICR-30-00-4.16 - Initial CertificationA. An Applicant shall submit documentation, in a form prescribed in the Incentive Agreement, indicating that it has met the requirements specified in the Incentive Agreement for initial certification of its Tax Credit amount within three (3) years following the date of approval of its Application by the Board. The Corporation, upon written request from the Applicant and after a finding of good cause by the Board, may grant no more than (2) six-month extensions of the deadline for initial certification.B. Upon a determination that the Applicant has met the requirements specified in the Incentive Agreement, the Corporation shall issue an Annual Certification to the Applicant providing that the Applicant is entitled to a Tax Credit for a specified year in an amount determined pursuant to the Incentive Agreement.C. An Applicant that fails to submit documentation to the Corporation indicating that it has met the employment requirements specified in the Incentive Agreement within four (4) years of the date of the Board's approval of Tax Credits for the Applicant shall forfeit any right, claims, or entitlements to a Tax Credit pursuant to its Applicant and the Corporation shall terminate the Incentive Agreement with the Applicant.D. For the purposes of determining whether the Applicant has met the employment requirements in any given year, full-time employment for the year shall be determined as the average of the monthly full-time employment for such year.870 R.I. Code R. 870-RICR-30-00-4.16
Amended effective 12/19/2018