The bill amends Section 42-64-3 of the General Laws concerning the Rhode Island Commerce Corporation, introducing new definitions and clarifications related to qualified data centers. Key insertions include the definitions of "colocation tenant," "qualified data center," and "qualified data center equipment," which outline the roles and requirements for entities involved in data center operations. The bill specifies that a qualified data center must make a minimum investment of $200 million in designated zones or $400 million elsewhere, with agreements lasting between 30 to 50 years. It also establishes tax exemptions from property and sales taxes for qualified data centers, contingent upon meeting investment criteria and entering into agreements with municipalities.

Additionally, the bill updates existing definitions and deletes outdated terms to ensure clarity in the legal framework governing data centers. It mandates that municipalities can enforce compliance with fee agreements and outlines the consequences of noncompliance, including the potential termination of agreements and the liability for previously exempted taxes. The bill also introduces provisions for the collection of taxes, penalties, and interest arising from terminated agreements, creating a lien on the real estate of the qualified data center. Overall, these amendments aim to promote the establishment and operation of data centers in Rhode Island, enhancing the state's technological infrastructure and economic development.

Statutes affected:
921: 42-64-3