CVS received $21.2M in state tax credits in fiscal 2016

CVS HEALTH Corp. received the most state tax credits and incentives of any company operating in the state at $21.2 million last fiscal year, according to the R.I. Division of Taxation.
CVS HEALTH Corp. received the most state tax credits and incentives of any company operating in the state at $21.2 million last fiscal year, according to the R.I. Division of Taxation.

PROVIDENCE – CVS Health Corp. received the most state tax credits and incentives at $21.2 million last fiscal year, according to the R.I. Division of Taxation.
Besides CVS, Citizens Financial Group Inc. also received a significant number of credits and incentives at $11.9 million, followed by General Dynamics Electric Boat, which received $4.97 million in total incentives.

The state department, in a news release issued this week, said that the Annual Tax Credit Disclosure Report focuses on seven tax incentives created to help spur job creation and economic development, including sales tax exemptions, corporate tax rate reductions and motion picture production tax credits.

It said 23 companies received state tax incentives.

Woonsocket-based CVS received $10.5 million through the Jobs Development Act, which grants incremental income tax rate reductions to companies that create new employment in the state. A total of $23.5 million was distributed through the Jobs Development Act.

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CVS also received an additional $10.7 million in incentives – $9.5 million in investment tax credits, $621,343 in jobs training credits and $572,164 in R&D incentives.

Citizens Bank received $11.5 million through the Jobs Development Act, and its Citizens Securities Inc. division received $410,396 through the same program.
Electric Boat received $965,553 through this program, as well as an additional $4 million in additional incentives, including $1.46 million in investment tax credits and $2.5 million in jobs training credits.

United Natural Foods Inc. received $136,445 in Jobs Development Act credits, along with $123,167 in Distressed Areas Economic Revitalization Act – Enterprise Zones credits.

Tiffany & Co. received $667,765 in Distressed Areas Economic Revitalization Act – Enterprise Zones credits and an additional $317,479 in incentives.
Waterrower Inc. in Warren also received $65,000 in Distressed Areas Economic Revitalization Act – Enterprise Zones credits, and $9,641 in additional incentives.
Factory Mutual Insurance Co. (one of the predecessor companies to FM Global) in Johnston received $350,000 through R.I. Economic Development Corp. Project Status, and $249,392 in additional incentives.

Motion Picture Tax Credits were awarded to:

  • New York City-based Bravo Media Productions Game of Crowns LLC, $95,877.
  • Charlotte, N.C.-based Half Jack Productions LLC, $66,162.
  • Jamestown-based Longseed LLC, $142,068.
  • Providence-based Providence Pictures Inc., $58,069.

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