As used in this chapter:
(1) "Eligible graduate" means an individual who meets the eligibility requirements under this chapter.
(2) "Applicant" means an eligible graduate who applies for a tax credit for education loan repayment expenses under this chapter.
(3) "Award" means a tax credit awarded by the commerce corporation to an applicant as provided under this chapter.
(4) "Taxpayer" means an applicant who receives a tax credit under this chapter.
(5) "Commerce corporation" means the Rhode Island commerce corporation established pursuant to chapter 64 of title 42.
(6) "Eligible expenses" or "education loan repayment expenses" means annual higher education loan repayment expenses, including, without limitation, principal, interest and fees, as may be applicable, incurred by an eligible graduate and which the eligible graduate is obligated to repay for attendance at a postsecondary institution of higher learning.
(7) "Eligibility period" means a term of up to four (4) consecutive service periods beginning with the date that an eligible graduate receives initial notice of award under this chapter and expiring at the conclusion of the fourth service period after such date specified.
(8) "Eligibility requirements" means the following qualifications or criteria required for an applicant to claim an award under this chapter:
(i) That the applicant shall have graduated from an accredited two (2) year, four (4) year or graduate postsecondary institution of higher learning with an associate's, bachelor's, graduate, or post-graduate degree and at which the applicant incurred education loan repayment expenses;
(ii) That the applicant shall be a full-time employee with a Rhode Island-based employer located in this state throughout the eligibility period, whose employment is for work in one or more of the following covered fields: life, natural or environmental sciences; computer, information or software technology; advanced mathematics or finance; engineering; industrial design or other commercially related design field; or medicine or medical device technology.
(9) "Full-time employee" means a person who is employed by a business for consideration for a minimum of at least thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, or who is employed by a professional employer organization pursuant to an employee leasing agreement between the business and the professional employer organization for a minimum of thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, and whose wages are subject to withholding.
(10) "Service period" means a twelve (12) month period beginning on the date that an eligible graduate receives initial notice of award under this chapter.
(11) "Student loan" means a loan to an individual by a public authority or private lender to assist the individual to pay for tuition, books, and living expenses in order to attend a postsecondary institution of higher learning.
(12) "Rhode Island-based employer" means (i) an employer having a principal place of business or at least fifty-one percent (51%) of its employees located in this state; or (ii) an employer registered to conduct business in this state that reported Rhode Island tax liability in the previous tax year.
(13) "Fund" refers to the "Stay Invested in RI Wavemaker Fellowship Fund" established pursuant to § 42-64.26-4.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9.