§ 42-64.26-4. Establishment of fund - Purposes - Composition. (a) There is hereby established the "Stay Invested in RI Wavemaker Fellowship Fund" (the "fund") to be administered by the commerce corporation as set forth in this chapter.

(b) The purpose of the fund is to expand employment opportunities in the state and to retain talented individuals in the state by providing tax credits in relation to education loan repayment expenses to applicants who meet the eligibility requirements under this chapter.

(c) The fund shall consist of:

(1) Money appropriated in the state budget to the fund;

(2) Money made available to the fund through federal programs or private contributions; and

(3) Any other money made available to the fund.

(d) The fund shall be used to pay for the redemption of tax credits or reimbursement to the state for tax credits applied against a taxpayer's tax liability. The fund shall be exempt from attachment, levy or any other process at law or in equity. The director of the department of revenue shall make a requisition to the commerce corporation for funding during any fiscal year as may be necessary to pay for the redemption of tax credits presented for redemption or to reimburse the state for tax credits applied against a taxpayer's tax liability. The commerce corporation shall pay from the fund such amounts as requested by the director of the department of revenue necessary for redemption or reimbursement in relation to tax credits granted under this chapter.

History of Section. (P.L. 2015, ch. 141, art. 19, § 9.)