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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif">Good afternoon.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif">The Rhode Island Division of Taxation today posted a proposed regulation on tax credits under the new “Stay Invested in RI Wavemaker Fellowship” program.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif">The program, which was proposed by Governor Gina M. Raimondo and approved by the General Assembly in 2015, is intended to provide an incentive to keep educated individuals
in the state. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif">The tax credits are to help qualifying applicants, who have graduated from college and who meet program rules, to pay their higher education loans. The credits can be applied
against the Rhode Island personal income tax.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif">A public hearing on the proposed regulation is scheduled to be held at 10:30 a.m. on February 11, 2016, in Conference Room B at the Powers Building (Department of Administration
building), One Capitol Hill, Providence, R.I. The hearing will be held in conjunction with the Rhode Island Commerce Corporation.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif">Details about public comments and other matters are contained in the proposed regulation, which was filed with the Rhode Island Secretary of State. The proposed regulation
mirrors one filed by the Commerce Corporation. For view it, please use the following link:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><a href="http://go.usa.gov/cnJdP">http://go.usa.gov/cnJdP</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif">Thank you.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif">-- Neil<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-variant:small-caps;color:#002060">Neil Downing<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#002060">Chief Revenue Agent<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#002060">Rhode Island Division of Taxation<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#002060">One Capitol Hill<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#002060">Providence R.I. 02908<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#002060"><a href="mailto:Neil.Downing@tax.ri.gov"><span style="color:#002060">Neil.Downing@tax.ri.gov</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#002060">(401) 574-8115<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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