Limits the authority of the Rhode Island commerce corporation to finance any transaction to five million dollars ($5,000,000) for any one individual, business entity or project.

Plain-English Summary

This bill would place a cap on how much money the Rhode Island Commerce Corporation can provide to any single person, business, or project. Specifically, it would limit the agency to financing no more than $5 million per individual, business, or project in any one transaction. The Rhode Island Commerce Corporation is a state agency responsible for promoting economic development and attracting businesses and investment to Rhode Island, and it currently has broader authority to finance larger deals.

The bill would directly affect businesses and developers who seek state financial support for large-scale projects. Under current law, the Commerce Corporation can finance transactions that exceed $5 million, which has been used in the past to support major economic development projects in the state. If this bill passes, any project or business needing more than $5 million in state financing would no longer be eligible to receive that full amount from the Commerce Corporation, regardless of the potential economic benefit of the project.

The bill was introduced in the Rhode Island House of Representatives and referred to the House Finance Committee, where it is scheduled for a hearing. It is still in the early stages of the legislative process, meaning it would need to pass through committee review, a full House vote, and the Senate before it could become law.