The bill proposes amendments to the Rhode Island General Laws concerning the Rhode Island Commerce Corporation and its project approval process. It introduces new requirements for the corporation to conduct an impact analysis before undertaking projects, considering factors like job creation, industry impact, and taxpayer exposure. The corporation must also monitor the project's impact throughout its duration, including annual reports on actual versus projected impact, which must be made public on the tax division website. The Department of Labor and Training is tasked with certifying job creation, and an annual analysis of project employees receiving state benefits is required. The bill removes the requirement for the division of taxation to report the sales tax benefits received by project lessees and for lessees to file annual reports with employee details.

Additionally, the bill modifies reporting requirements for various tax credits and incentives, eliminating the need for detailed reports to state officials and entities. Instead, the commerce corporation and the division of taxation must make reports on tax credit recipients available to the public and publish them on their websites. The bill also adjusts the reimbursement process for cities, towns, and fire districts for lost revenue due to motor vehicle and trailer excise tax exemptions and rate adjustments, setting a fixed methodology for calculations and a payment schedule. It repeals the requirement for the department of revenue to assess the standardization of excise tax calculations and report to the general assembly. Furthermore, the bill amends the Rhode Island Economic Development Tax Incentives Evaluation Act of 2013 to include a more comprehensive analysis of tax incentives and removes the requirement for a statement from the commerce corporation's CEO on meeting goals.

Statutes affected:
713  SUB A: 42-64-10, 42-64.3-6.1, 42-64.20-9, 42-64.21-8, 42-64.30-10, 44-34.1-2, 44-48.2-5, 44-48.3-13, 42-142-6
713: 42-64-10, 42-64.3-6.1, 42-64.20-9, 42-64.21-8, 42-64.30-10, 44-34.1-2, 44-48.2-5, 44-48.3-13, 42-142-6