PROVIDENCE, R.I., Oct. 26, 2015 /PRNewswire/ -- Governor Gina M. Raimondo, along with Speaker Nicholas Mattiello and Senate President Teresa Paiva Weed, today launched new incentive programs aimed at spurring economic growth across Rhode Island. Applications for the Qualified Jobs Incentive Tax Credit and The Rebuild Rhode Island Tax Credit are now available online.
"We have moved quickly to create programs to attract and grow business here and jumpstart our economy," said Raimondo. "By making it easier to for companies to add jobs and to put shovels in the ground, we will be creating opportunities for everyone to make it in Rhode Island."
"The budget we passed unanimously in the House in June included these creative economic development programs," said Mattiello. "I'm extremely pleased that only four months later, potentially new and existing businesses can already take advantage of these incentives. By working collaboratively with Governor Raimondo and the Senate, we are making things happen quickly."
"These incentives are important tools in the state's efforts to encourage job creation and spark construction activity. The Senate will continue to work collaboratively with Governor Raimondo and the House to foster economic growth and prosperity," said President of the Senate M. Teresa Paiva Weed.
The Qualified Jobs Incentive encourages new job creation through both business attraction and growth. This incentive provides a base tax credit (1) for companies relocating to the state and creating a minimum number of new jobs and (2) for current Rhode Island companies growing their in-state workforce by a threshold percentage. The annual base tax credit is $2,500 for each new full-time job created, with possible add-ons of up to $5,000 per job if specific criteria are met. The first 500 jobs approved under the program will receive the maximum credit allowed.
The Rebuild Rhode Island Tax Credit fosters growth in construction and real estate development by providing a tax credit of up to 20 percent of project costs to qualified real estate projects of $5 million or more that demonstrate a financing gap. The credit may be increased up to 30 percent for designated project types and locations. November 25, 2015 is the initial deadline for Rebuild Rhode Island applications; the Commerce Corporation will begin reviewing and advancing applications upon receipt.
"Rhode Island's value proposition is strong and growing stronger. With a predictable and stable tax climate, world class location, and now a suite of potent incentives, Rhode Island is positioned for economic success," said Rhode Island Secretary of Commerce Stefan Pryor.
"These incentive programs, combined with the support of the Business Navigation Center and other Commerce Corporation initiatives, allows us to offer businesses within the state and beyond a unique proposition," said Rhode Island Commerce Corporation President Darin Early.
Companies will find a program summary, the full rules and regulations, the application, and a contact on the Commerce Corporation's website. In addition to the two programs above, information is also provided on the website for other new incentive programs:
- Anchor Institution Tax Credit
- Main Street RI Streetscape Improvement Fund
- Industry Cluster Grants
- Innovation Vouchers
- Network Matching Grants
Applications for these additional programs will be available in the coming weeks.
To learn more about these program visit the Rhode Island Commerce Corporation's website. Potential applicants for any of the new incentives are encouraged to contact the Commerce Corporation's Business Development team at (401) 278-9100 or [email protected] .
About Rhode Island Commerce Corporation
The Rhode Island Commerce Corporation is the full-service, official economic development organization for the state of Rhode Island. A quasi-public agency, the corporation serves as a government and community resource to help streamline the business expansion in, and relocation to, Rhode Island. The agency assists companies with commercial real estate, business financing, workforce training and other relevant issues.
SOURCE Rhode Island Commerce Corporation; Governor Gina M. Raimondo's Office