2019 -- S 0719

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LC000724

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- STAY INVESTED IN RI

WAVEMAKER FELLOWSHIP

     

     Introduced By: Senators Pearson, Gallo, Lombardi, Satchell, and Seveney

     Date Introduced: March 21, 2019

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 42-64.26-3 of the General Laws in Chapter 42-64.26 entitled "Stay

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Invested in RI Wavemaker Fellowship" is hereby amended to read as follows:

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     42-64.26-3. Definitions.

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     As used in this chapter:

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     (1) "Eligible graduate" means an individual who meets the eligibility requirements under

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this chapter.

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     (2) "Applicant" means an eligible graduate who applies for a tax credit for education loan

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repayment expenses under this chapter.

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     (3) "Award" means a tax credit awarded by the commerce corporation to an applicant as

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provided under this chapter.

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     (4) "Taxpayer" means an applicant who receives a tax credit under this chapter.

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     (5) "Commerce corporation" means the Rhode Island commerce corporation established

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pursuant to chapter 64 of title 42.

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     (6) "Eligible expenses" or "education loan repayment expenses" means annual higher

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education loan repayment expenses, including, without limitation, principal, interest and fees, as

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may be applicable, incurred by an eligible graduate and which the eligible graduate is obligated to

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repay for attendance at a post-secondary institution of higher learning.

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     (7) "Eligibility period" means a term of up to four (4) consecutive service periods

 

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beginning with the date that an eligible graduate receives initial notice of award under this

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chapter and expiring at the conclusion of the fourth service period after such date specified.

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     (8) "Eligibility requirements" means the following qualifications or criteria required for

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an applicant to claim an award under this chapter:

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     (i) That the applicant shall have graduated from an accredited two (2) year, four (4) year

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or graduate post-secondary institution of higher learning with an associate's, bachelor's, graduate,

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or post-graduate degree and at which the applicant incurred education loan repayment expenses;

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     (ii) That the applicant shall be a full-time employee with a Rhode Island-based employer

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located in this state throughout the eligibility period, whose employment is for work in one or

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more of the following covered fields: life, natural or environmental sciences; computer,

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information or software technology; advanced mathematics or finance; engineering; industrial

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design or other commercially related design field; or medicine or medical device technology; or

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secondary school mathematics or science educator.

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     (9) "Full-time employee" means a person who is employed by a business for

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consideration for a minimum of at least thirty-five (35) hours per week, or who renders any other

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standard of service generally accepted by custom or practice as full-time employment, or who is

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employed by a professional employer organization pursuant to an employee leasing agreement

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between the business and the professional employer organization for a minimum of thirty-five

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(35) hours per week, or who renders any other standard of service generally accepted by custom

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or practice as full-time employment, and whose wages are subject to withholding.

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     (10) "Service period" means a twelve (12) month period beginning on the date that an

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eligible graduate receives initial notice of award under this chapter.

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     (11) "Student loan" means a loan to an individual by a public authority or private lender

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to assist the individual to pay for tuition, books, and living expenses in order to attend a post-

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secondary institution of higher learning.

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     (12) "Rhode Island-based employer" means (i) an employer having a principal place of

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business or at least fifty-one percent (51%) of its employees located in this state; or (ii) an

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employer registered to conduct business in this state that reported Rhode Island tax liability in the

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previous tax year.

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     (13) "Fund" refers to the "Stay Invested in RI Wavemaker Fellowship Fund" established

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pursuant to ยง 42-64.26-4.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- STAY INVESTED IN RI

WAVEMAKER FELLOWSHIP

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     This act would add secondary school mathematics and science educators to those

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individuals eligible for a fellowship.

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     This act would take effect upon passage.

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