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By PBN Staff
By PBN Staff
PAWTUCKET – The R.I. Economic Development Corporation’s Enterprise Zone Council voted Oct. 1 to approve Pawtucket’s request to designate a second enterprise zone in the city, The Pawtucket Times reported.
The approval follows legislation passed by the General Assembly earlier this year allowing for an additional enterprise zone in the city to provide tax incentives to companies in the zone for hiring local workers.
The second enterprise zone comprises the Pleasant View neighborhood in the north central part of Pawtucket, between the Blackstone River and the George Bennett Industrial Highway, according to The Pawtucket Times report. The city’s first enterprise zone, called the Pawtucket/Lincoln zone, covers an area on the west side bordering Lincoln.
Barney Heath, Pawtucket’s director of planning and redevelopment, said he expects the new enterprise zone to boost the Pleasant View neighborhood economy and spur economic development citywide.
Under the enterprise zone program, in place since 1992, businesses can earn a tax credit of up to $2,500 per employee if they expand their employee base by 5 percent. The credit doubles to $5,000 if the employee lives in the enterprise zone.
Gov. Lincoln D. Chafee had proposed eliminating the enterprise zone tax credit in the budget plan he introduced at his State of the State address in January, but in July signed the legislation expanding Pawtucket’s enterprise zone.
Other enterprise zones in Rhode Island include Woonsocket/Cumberland, Central Falls/Valley Falls, East Providence, Port of Providence and Providence II, as well as southern parts of the state.