Rhode Island § 42-64-36 - Rhode Island Commerce Corporation

§ 42-64-36. Program accountability.

(a) The board of the Rhode Island commerce corporation shall be responsible for establishing accountability standards, reporting standards, and outcome measurements for each of its programs to include, but not be limited to, the use of tax credits, loans, loan guarantees, and other financial transactions managed or utilized by the corporation. Included in the standards shall be a set of principles and guidelines to be followed by the board to include:

(1) A set of outcomes against which the board will measure each program’s and offering’s effectiveness;

(2) A set of standards for risk analysis for all of the programs especially the loans and loan guarantee programs; and

(3) A process for reporting out all loans, loan guarantees, and any other financial commitments made through the corporation that includes the purpose of the loan, financial data as to payment history, and other related information.

(b) The board shall annually prepare a report starting in January 2015 which shall be submitted to the house and senate. The report shall summarize the above listed information on each of its programs and offerings and contain recommendations for modification, elimination, or continuation.

(c) The commerce corporation shall prepare a report beginning January 1, 2019, which shall be submitted to the house and senate within a period of forty-five (45) days of the close of each quarter. The report shall summarize the information listed in subsection (a) of this section on each of its programs and offerings, including any modifications, adjustments, clawbacks, reallocations, alterations, or other changes, made from the close of the prior fiscal quarter and include comparison data to the reports submitted pursuant to §§ 42-64.20-9(b), 42-64.21-8(a) and (c), 42-64.22-14(a), 42-64.23-5(d), 42-64.24-5(d), 42-64.25-12, 42-64.26-6, 42-64.27-4, 42-64.28-9, 42-64.29-7(a), 42-64.31-3, 44-48.3-13(b) and (c), chapters 64.20, 64.21, 64.22, 64.23, 64.24, 64.25, 64.26, 64.27, 64.28, 64.29, 64.30, 64.31, and 64.32 of this title, and § 44-48.3-13.

(d) The board shall coordinate its efforts with the office of revenue analysis to not duplicate information on the use of tax credits and other tax expenditures.