R.I. Gen. Laws § 44-48.2-5 — Economic development tax incentive evaluations — Analysis

(a) The additional analysis as required by § 44-48.2-4 shall include, but not be limited to:
(1) A baseline assessment of the tax incentive, including, if applicable, the number of
aggregate jobs associated with the taxpayers receiving such tax incentive and the
aggregate annual revenue that such taxpayers generate for the state through the direct
taxes applied to them and through taxes applied to their employees;
(2) The statutory and programmatic goals and intent of the tax incentive, if said goals
and intentions are included in the incentive’s enabling statute or legislation;
(3) The number of taxpayers granted the tax incentive during the previous twelve-month
(12) period;
(4) The value of the tax incentive granted, and ultimately claimed, listed by the North
American Industrial Classification System (NAICS) Code associated with the taxpayers
receiving such benefit, if such NAICS Code is available;
(5) An assessment and five-year (5) projection of the potential impact on the state’s
revenue stream from carry forwards allowed under such tax incentive;
(6) An estimate of the economic impact of the tax incentive including, but not limited
to:
(i) A cost-benefit comparison of the revenue foregone by allowing the tax incentive compared
to tax revenue generated by the taxpayer receiving the credit, including direct taxes
applied to them and taxes applied to their employees; and
(ii) An estimate of the number of jobs that were the direct result of the incentive;
(iii) [Deleted by P.L. 2023, ch. 294, § 7 and P.L. 2023, ch. 295, § 7.]
(7) The estimated cost to the state to administer the tax incentive if such information
is available;
(8) An estimate of the extent to which benefits of the tax incentive remained in state
or flowed outside the state, if such information is available;
(9) In the case of economic development tax incentives where measuring the economic impact
is significantly limited due to data constraints, whether any changes in statute would
facilitate data collection in a way that would allow for better analysis;
(10) Whether the effectiveness of the tax incentive could be determined more definitively
if the general assembly were to clarify or modify the tax incentive’s goals and intended
purpose;
(11) A recommendation as to whether the tax incentive should be continued, modified, or
terminated; the basis for such recommendation; and the expected impact of such recommendation
on the state’s economy;
(12) The methodology and assumptions used in carrying out the assessments, projections,
and analyses required pursuant to subsections (a)(1) through (a)(8) of this section.
(b) All departments, offices, boards, and agencies of the state shall cooperate with the
chief of the office of revenue analysis and shall provide to the office of revenue
analysis any records, information (documentary and otherwise), data, and data analysis
as may be necessary to complete the report required pursuant to this section.