As used in this act: (1) “Commerce corporation” means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq. (2) “Eligibility period” means the period in which a Rhode Island business may claim a tax credit under this act, beginning with the tax period in which the commerce corporation accepts certification by the Rhode Island business that it has played a substantial role in the decision of a qualified business to relocate to Rhode Island and extending thereafter for a term of five (5) years. (3) “Hope community” means a municipality for which the five-year (5) average percentage of families with income below the federal poverty level exceeds the state five-year (5) average percentage, both most recently reported by the U.S. Department of Commerce, Bureau of the Census. (4) “Qualified business” means an entity that supplies goods or services to a Rhode Island business or is a material service provider or a material customer of a Rhode Island business, or is an affiliate of such supplier, service provider or customer. (5) “Qualifying relocation” means a qualified business with the minimum number of employees as set forth in § 42-64.30-5(a)(1) and (2), which moves an existing facility to the state of Rhode Island or constructs a new facility to supply goods or services to a Rhode Island business. (6) “Rhode Island business” means a business enterprise physically located in, and authorized to do business in, the state of Rhode Island. (7) “Taking possession” means executing a lease, acquiring title, or otherwise committing to occupy as defined by the commerce corporation.
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