§ 42-64.20-7. Rebuild Rhode Island tax credit fund.
(a) There is hereby established at the commerce corporation a restricted account known as the rebuild Rhode Island tax-credit fund (the "fund") in which all amounts appropriated for the program created under this chapter shall be deposited. The fund shall be used (1) To pay for the redemption of tax credits or reimbursement to the state for tax credits applied against a taxpayer's liability; and (2) To redeem or reimburse the state for any sales and use tax exemptions allowed pursuant to this chapter. The commerce corporation may pledge and reserve amounts deposited into the fund for the purpose of securing payment for the redemption of tax credits or for making reimbursements to municipalities pursuant to chapter 64.22 of this title. The fund shall be exempt from attachment, levy, or any other process at law or in equity. The director of the department of revenue shall make a requisition to the commerce corporation for funding during any fiscal year as may be necessary to pay for the redemption of tax credits presented for redemption or to reimburse the state for tax credits applied against a taxpayer's tax liability. The commerce corporation shall pay from the fund such amounts as requested by the director of the department of revenue necessary for redemption or reimbursement in relation to tax credits granted under this chapter; provided, however, that the commerce corporation shall not be required to pay from the fund such sums pledged and reserved by the commerce corporation, as permitted in this section, except for redemption of tax credits.
(b) Notwithstanding anything in this chapter to the contrary, the commerce corporation may make a loan or equity investment as an alternative incentive in lieu of the provision of tax credits so long as the applicant otherwise qualifies for tax credits under this chapter. In addition to the qualification requirements of this chapter, any loan or equity investment shall be subject to the provisions of §§ 42-64.20-5(b), (f), (g), (h), (i), (j), (q), (r) and (s), 42-64.20-7, 42-64.20-8, 42-64.20-9, and 42-64.20-10 as if the loan or equity investment were a tax credit. The commerce corporation may pay, reserve, and/or pledge monies for a loan or equity investment from the fund.
(P.L. 2015, ch. 141, art. 19, § 3; P.L. 2016, ch. 142, art. 17, § 2; P.L. 2019, ch. 88, art. 12, § 3.)