§ 42-64.11-2 Definitions. – As used in this chapter, unless the context clearly indicates otherwise:
(a) "Average annual current employment" means, for any testperiod, the average daily number of full-time equivalent active employeesemployed within the state by an eligible company and it affiliated entities.
(b) "Affiliated entity" of an eligible company means anypartnership, limited liability company, trust or corporation having employeesin the state: (i) if the eligible corporation owns at least fifty percent (50%)of the value of the ownership interests therein; (ii) that owns at least fiftypercent (50%) of the value of the interests in the eligible company; or (iii)that is under common ownership (at the fifty percent (50%) level) with theeligible company. For this purpose, direct, indirect, beneficial orconstructive ownership shall be considered ownership.
(c) "Average compensation of all employees in the state" forany test period means the sum of the average quarter wages for total privateand government as published by the labor market information division of thedepartment of labor and training for the four (4) quarters ending with thesecond quarter of the calendar year ending one year before the end of the testperiod.
(d) "Base employment" means the average daily number offull-time active employees employed within the state by an eligible company andits affiliated entities for the calendar year preceding the calendar year inwhich the eligible company makes an initial application to be a certifiedcompany as provided in § 42-64.11-3.
(e) "Certified company" means a provisionally-certifiedcompany or a fully certified company.
(f) "Compensation" means any income, capital gain orpreference items realized by an employee in connection with the employee'sservice for an eligible company or affiliated entity provided that suchcompensation would (but for the modification provided by § 42-64.11-4) beincludible in gross income or alternative minimum income for purposes of theRhode Island personal income tax.
(g) "Credit year" means any calendar year for which aneligible company has been certified under § 42-64.11-3.
(h) "De minimis services" means services performed by anemployee in the state which does not aggregate more than two percent (2%) ofthe total services (based on hours or days of employment) performed by theemployee for an eligible company and all of its affiliated entities during acalendar year or shorter relevant period.
(i) "Eligible company" means any corporation, state bank,federal savings bank, trust company, national banking association, bank holdingcompany, loan and investment company, mutual savings bank, credit union,building and loan association, insurance company, investment company,broker-dealer company, manufacturing company, telecommunications company orsurety company or an affiliated entity of any of the foregoing. An eligiblecompany does not have to be in existence, be qualified to do business in thestate or have any employees in this state at the time its base employment isdetermined.
(j) "Eligible employee" means any full-time active employeehaving compensation at least equal to one hundred twenty-five percent (125%) ofthe average compensation of all employees in the state first performingservices in the state for an eligible company or an affiliate entity after thedate the eligible company files its initial application for certification;provided, however, that for any eligible company filing its initial applicationin 2005, "eligible employee" means any full-time active employee havingcompensation at least equal to one hundred-twenty five percent (125%) of theaverage compensation of all employees in the state first performing services inthe state after June 1, 2005. An employee shall be considered as firstperforming services in the state on a date but only if the employee performsservices in the state on such date, but did not previously during that calendaryear or the immediately preceding calendar-year perform services (other than deminimis services) in the state as an employee of the eligible company or anyaffiliated entity. A fully certified company may elect to treat as eligibleemployees all employees in the state without regard to the date they firstperformed services in the state.
(k) "Full-time active employee" means any employee of aneligible company or an affiliate entity who works a minimum of thirty (30)hours per week within the state, with benefits typical to the industry of theemployer.
(l) "Fully-certified company" means an eligible company thathas been certified by the Rhode Island economic development corporation asmeeting the criteria set forth in subsection 42-64.11-3(e) for not less thanthree (3) consecutive years.
(m) "New employment" for each test period (for an eligiblecompany seeking qualification as a provisionally-certified company) or credityear (for a fully-certified company) means the amount of average annual currentemployment for the test period or credit year (as the case may be) minus theamount of base employment, but in no event less than zero; provided, however,no eligible company is permitted to transfer, assign or hire employees who arealready employed within the state by such eligible company from itself or anyaffiliated entity or utilize any other artifice or device for the purpose ofartificially creating eligible employees in order to become a certified company.
(n) "New employment payroll" means the total compensationpaid by an employer that is a certified company and its affiliated entitiestimes a fraction, the numerator of which is its new employment and thedenominator is its total number of full-time active employees.
(o) "Performance-based compensation" means any compensationpaid by a certified company to an eligible employee in consideration of theachievement of individual or company performance-based goals, including, forexample, but without limitation, bonuses, and income derived fromemployer-granted stock options. Performance-based compensation does not includeregular fixed periodic compensation, overtime pay, and fringe benefits(including distributions from qualified retirement plans) or other compensationpaid on the basis of time or longevity and without regard to goal-basedperformance.
(p) "Provisionally-certified company" means any company thathas been certified under § 42-64.11-3 for fewer than three (3) consecutiveyears.
(q) "State" means the State of Rhode Island and ProvidencePlantations.
(r) "Test period" means, at the election of an eligiblecompany as indicated in an updated application under subsection 42-64.11-3(b),either the calendar-year period last ending before the filing of that updatedapplication or the two (2) calendar-year period last ending before the filingof that updated application.
§ 42-64.11-2 Definitions. – As used in this chapter, unless the context clearly indicates otherwise:
(a) "Average annual current employment" means, for any testperiod, the average daily number of full-time equivalent active employeesemployed within the state by an eligible company and it affiliated entities.
(b) "Affiliated entity" of an eligible company means anypartnership, limited liability company, trust or corporation having employeesin the state: (i) if the eligible corporation owns at least fifty percent (50%)of the value of the ownership interests therein; (ii) that owns at least fiftypercent (50%) of the value of the interests in the eligible company; or (iii)that is under common ownership (at the fifty percent (50%) level) with theeligible company. For this purpose, direct, indirect, beneficial orconstructive ownership shall be considered ownership.
(c) "Average compensation of all employees in the state" forany test period means the sum of the average quarter wages for total privateand government as published by the labor market information division of thedepartment of labor and training for the four (4) quarters ending with thesecond quarter of the calendar year ending one year before the end of the testperiod.
(d) "Base employment" means the average daily number offull-time active employees employed within the state by an eligible company andits affiliated entities for the calendar year preceding the calendar year inwhich the eligible company makes an initial application to be a certifiedcompany as provided in § 42-64.11-3.
(e) "Certified company" means a provisionally-certifiedcompany or a fully certified company.
(f) "Compensation" means any income, capital gain orpreference items realized by an employee in connection with the employee'sservice for an eligible company or affiliated entity provided that suchcompensation would (but for the modification provided by § 42-64.11-4) beincludible in gross income or alternative minimum income for purposes of theRhode Island personal income tax.
(g) "Credit year" means any calendar year for which aneligible company has been certified under § 42-64.11-3.
(h) "De minimis services" means services performed by anemployee in the state which does not aggregate more than two percent (2%) ofthe total services (based on hours or days of employment) performed by theemployee for an eligible company and all of its affiliated entities during acalendar year or shorter relevant period.
(i) "Eligible company" means any corporation, state bank,federal savings bank, trust company, national banking association, bank holdingcompany, loan and investment company, mutual savings bank, credit union,building and loan association, insurance company, investment company,broker-dealer company, manufacturing company, telecommunications company orsurety company or an affiliated entity of any of the foregoing. An eligiblecompany does not have to be in existence, be qualified to do business in thestate or have any employees in this state at the time its base employment isdetermined.
(j) "Eligible employee" means any full-time active employeehaving compensation at least equal to one hundred twenty-five percent (125%) ofthe average compensation of all employees in the state first performingservices in the state for an eligible company or an affiliate entity after thedate the eligible company files its initial application for certification;provided, however, that for any eligible company filing its initial applicationin 2005, "eligible employee" means any full-time active employee havingcompensation at least equal to one hundred-twenty five percent (125%) of theaverage compensation of all employees in the state first performing services inthe state after June 1, 2005. An employee shall be considered as firstperforming services in the state on a date but only if the employee performsservices in the state on such date, but did not previously during that calendaryear or the immediately preceding calendar-year perform services (other than deminimis services) in the state as an employee of the eligible company or anyaffiliated entity. A fully certified company may elect to treat as eligibleemployees all employees in the state without regard to the date they firstperformed services in the state.
(k) "Full-time active employee" means any employee of aneligible company or an affiliate entity who works a minimum of thirty (30)hours per week within the state, with benefits typical to the industry of theemployer.
(l) "Fully-certified company" means an eligible company thathas been certified by the Rhode Island economic development corporation asmeeting the criteria set forth in subsection 42-64.11-3(e) for not less thanthree (3) consecutive years.
(m) "New employment" for each test period (for an eligiblecompany seeking qualification as a provisionally-certified company) or credityear (for a fully-certified company) means the amount of average annual currentemployment for the test period or credit year (as the case may be) minus theamount of base employment, but in no event less than zero; provided, however,no eligible company is permitted to transfer, assign or hire employees who arealready employed within the state by such eligible company from itself or anyaffiliated entity or utilize any other artifice or device for the purpose ofartificially creating eligible employees in order to become a certified company.
(n) "New employment payroll" means the total compensationpaid by an employer that is a certified company and its affiliated entitiestimes a fraction, the numerator of which is its new employment and thedenominator is its total number of full-time active employees.
(o) "Performance-based compensation" means any compensationpaid by a certified company to an eligible employee in consideration of theachievement of individual or company performance-based goals, including, forexample, but without limitation, bonuses, and income derived fromemployer-granted stock options. Performance-based compensation does not includeregular fixed periodic compensation, overtime pay, and fringe benefits(including distributions from qualified retirement plans) or other compensationpaid on the basis of time or longevity and without regard to goal-basedperformance.
(p) "Provisionally-certified company" means any company thathas been certified under § 42-64.11-3 for fewer than three (3) consecutiveyears.
(q) "State" means the State of Rhode Island and ProvidencePlantations.
(r) "Test period" means, at the election of an eligiblecompany as indicated in an updated application under subsection 42-64.11-3(b),either the calendar-year period last ending before the filing of that updatedapplication or the two (2) calendar-year period last ending before the filingof that updated application.
§ 42-64.11-2 Definitions. – As used in this chapter, unless the context clearly indicates otherwise:
(a) "Average annual current employment" means, for any testperiod, the average daily number of full-time equivalent active employeesemployed within the state by an eligible company and it affiliated entities.
(b) "Affiliated entity" of an eligible company means anypartnership, limited liability company, trust or corporation having employeesin the state: (i) if the eligible corporation owns at least fifty percent (50%)of the value of the ownership interests therein; (ii) that owns at least fiftypercent (50%) of the value of the interests in the eligible company; or (iii)that is under common ownership (at the fifty percent (50%) level) with theeligible company. For this purpose, direct, indirect, beneficial orconstructive ownership shall be considered ownership.
(c) "Average compensation of all employees in the state" forany test period means the sum of the average quarter wages for total privateand government as published by the labor market information division of thedepartment of labor and training for the four (4) quarters ending with thesecond quarter of the calendar year ending one year before the end of the testperiod.
(d) "Base employment" means the average daily number offull-time active employees employed within the state by an eligible company andits affiliated entities for the calendar year preceding the calendar year inwhich the eligible company makes an initial application to be a certifiedcompany as provided in § 42-64.11-3.
(e) "Certified company" means a provisionally-certifiedcompany or a fully certified company.
(f) "Compensation" means any income, capital gain orpreference items realized by an employee in connection with the employee'sservice for an eligible company or affiliated entity provided that suchcompensation would (but for the modification provided by § 42-64.11-4) beincludible in gross income or alternative minimum income for purposes of theRhode Island personal income tax.
(g) "Credit year" means any calendar year for which aneligible company has been certified under § 42-64.11-3.
(h) "De minimis services" means services performed by anemployee in the state which does not aggregate more than two percent (2%) ofthe total services (based on hours or days of employment) performed by theemployee for an eligible company and all of its affiliated entities during acalendar year or shorter relevant period.
(i) "Eligible company" means any corporation, state bank,federal savings bank, trust company, national banking association, bank holdingcompany, loan and investment company, mutual savings bank, credit union,building and loan association, insurance company, investment company,broker-dealer company, manufacturing company, telecommunications company orsurety company or an affiliated entity of any of the foregoing. An eligiblecompany does not have to be in existence, be qualified to do business in thestate or have any employees in this state at the time its base employment isdetermined.
(j) "Eligible employee" means any full-time active employeehaving compensation at least equal to one hundred twenty-five percent (125%) ofthe average compensation of all employees in the state first performingservices in the state for an eligible company or an affiliate entity after thedate the eligible company files its initial application for certification;provided, however, that for any eligible company filing its initial applicationin 2005, "eligible employee" means any full-time active employee havingcompensation at least equal to one hundred-twenty five percent (125%) of theaverage compensation of all employees in the state first performing services inthe state after June 1, 2005. An employee shall be considered as firstperforming services in the state on a date but only if the employee performsservices in the state on such date, but did not previously during that calendaryear or the immediately preceding calendar-year perform services (other than deminimis services) in the state as an employee of the eligible company or anyaffiliated entity. A fully certified company may elect to treat as eligibleemployees all employees in the state without regard to the date they firstperformed services in the state.
(k) "Full-time active employee" means any employee of aneligible company or an affiliate entity who works a minimum of thirty (30)hours per week within the state, with benefits typical to the industry of theemployer.
(l) "Fully-certified company" means an eligible company thathas been certified by the Rhode Island economic development corporation asmeeting the criteria set forth in subsection 42-64.11-3(e) for not less thanthree (3) consecutive years.
(m) "New employment" for each test period (for an eligiblecompany seeking qualification as a provisionally-certified company) or credityear (for a fully-certified company) means the amount of average annual currentemployment for the test period or credit year (as the case may be) minus theamount of base employment, but in no event less than zero; provided, however,no eligible company is permitted to transfer, assign or hire employees who arealready employed within the state by such eligible company from itself or anyaffiliated entity or utilize any other artifice or device for the purpose ofartificially creating eligible employees in order to become a certified company.
(n) "New employment payroll" means the total compensationpaid by an employer that is a certified company and its affiliated entitiestimes a fraction, the numerator of which is its new employment and thedenominator is its total number of full-time active employees.
(o) "Performance-based compensation" means any compensationpaid by a certified company to an eligible employee in consideration of theachievement of individual or company performance-based goals, including, forexample, but without limitation, bonuses, and income derived fromemployer-granted stock options. Performance-based compensation does not includeregular fixed periodic compensation, overtime pay, and fringe benefits(including distributions from qualified retirement plans) or other compensationpaid on the basis of time or longevity and without regard to goal-basedperformance.
(p) "Provisionally-certified company" means any company thathas been certified under § 42-64.11-3 for fewer than three (3) consecutiveyears.
(q) "State" means the State of Rhode Island and ProvidencePlantations.
(r) "Test period" means, at the election of an eligiblecompany as indicated in an updated application under subsection 42-64.11-3(b),either the calendar-year period last ending before the filing of that updatedapplication or the two (2) calendar-year period last ending before the filingof that updated application.
