Section 870-RICR-30-00-8.16 - Program ExitA. On or after the sixth anniversary of the initial Credit Allowance Date, a Small Business Development Fund may seek to exit the Program by first filing all reporting required under this Part and after the passage of 90 days from filing such complete reporting, filing a Request to Exit as provided in this Section.B. The Corporation shall, from time to time, promulgate forms and reports that shall be a requirement for consideration of the exit of an approved Applicant from the Program.C. The Corporation shall not accept a Request to Exit unless the Board has approved such filing pursuant to this Section.D. The Board will review the reporting submitted by the Small Business Development Fund for completeness and conformance with the requirements of this Part and make a determination as to whether the Small Business Development Fund may make seek to exit the Program. The Corporation will notify the Small Business Development Fund within 120 days after receipt of the reporting provided under this § 8.16 of this Part whether it is complete and in conformance with the Corporation's requirements and this Part. If the Board determines the reporting is deficient in any manner, the Corporation shall notify the Small Business Development Fund who shall be provided an opportunity to resubmit such reporting. A resubmission of the required reporting shall be treated in the same manner as an original filing including the timelines set forth under this § 8.16 of this Part.E. After Board approval for the filing of a Request to Exit, the Small Business Development Fund shall have thirty (30) days to file a Request to Exit with the Corporation failing which the Small Business Development Fund will be required to resubmit new reporting pursuant to § 8.16(A) of this Part.F. Upon the timely filing of a Request to Exit in conformance with this § 8.16 of this Part, the Corporation shall have 30 days from the receipt of the Request to Exit to respond. The Corporation may deny any incomplete Request to Exit and/or require the submission of additional information in connection with any such request. In evaluating the Request to Exit, the fact that no credits have been recaptured and that the Small Business Development Fund has not received a notice of recapture that has not been cured pursuant to § 8.15(C) of this Part shall be sufficient evidence to prove that the Small Business Development Fund is eligible for exit. The Corporation or the Division of Taxation shall not be precluded from sending a notice of recapture up to and including 30 days after the filing of an eligible Request to Exit, and upon the sending of such notice the Request to Exit shall automatically be denied.G. The Corporation shall not unreasonably deny a Request to Exit submitted under § 8.16 of this Part. If the Request to Exit is denied, the Corporation shall provide notice, which notice shall include the reasons for the determination and such notice of denial may be included in a notice of recapture.H. The Corporation shall not revoke a tax credit certificate after the Small Business Development Fund's exit from the Program but may obtain payment from the Bond or other approved surety after such exit.I. The Small Business Development Fund may seek a reduction of the Bond or other approved surety requirement at the time of filing the Request to Exit to an amount equal to the total repayment obligations that could be due under § 8.17 of this Part as calculated by the Corporation.870 R.I. Code R. 870-RICR-30-00-8.16
Adopted effective 9/27/2019
Amended effective 3/24/2020