2019 -- S 0719 SUBSTITUTE A

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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:

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

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

     42-64.26-3. Definitions.

     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 post-secondary 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 post-secondary 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; or

the elementary or secondary school education of mathematics, world languages, or science.

     (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 post-

secondary 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.

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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 elementary or secondary school mathematics, world languages, or

science educators to those individuals eligible for a fellowship.

     This act would take effect upon passage.

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