The bill amends Section 42-64.26-3 of the General Laws concerning the "Stay Invested in RI Wavemaker Fellowships" program. It introduces new definitions and clarifications regarding eligibility for tax credits related to education loan repayment expenses. Specifically, the bill expands the definition of eligible applicants to include healthcare professionals who work as sole proprietors, partners in healthcare service partnerships, or members of single-member LLCs, provided they work a minimum of thirty-five (35) hours per week in Rhode Island. Additionally, it specifies that these healthcare applicants must be high-demand healthcare practitioners or mental health professionals, as defined in the bill.

The act clarifies that healthcare applicants who have completed an application on or after July 1, 2022, are eligible for the fellowship. The changes aim to support individuals in the healthcare sector, ensuring that those who graduated from accredited institutions and are employed in specific fields, including healthcare, can apply for the tax credits. The act will take effect upon passage, enhancing the state's efforts to retain talent in critical fields by alleviating education loan burdens.

Statutes affected:
6277: 42-64.26-3