The bill amends Section 42-64.26-3 of the General Laws regarding the "Stay Invested in RI Wavemaker Fellowships" program. It introduces new definitions and clarifications, particularly expanding the eligibility criteria for applicants to include healthcare professionals. The bill specifies that eligible applicants can now be healthcare applicants who work as sole proprietors, partners in healthcare service partnerships, or members of single-member LLCs, provided they have completed an application pursuant to the provisions of 42-64.26-5 on or after July 1, 2022.

Additionally, the bill modifies the definition of a full-time employee to include healthcare applicants who provide services for a minimum of thirty-five (35) hours per week in Rhode Island. This change aims to ensure that a broader range of healthcare professionals can benefit from the tax credit for education loan repayment expenses under the Wavemaker Fellowship program. The act will take effect upon passage.

Statutes affected:
6277: 42-64.26-3