Greystone first to receive new job creation tax credits from state, to total $460K over 10 years

THE FIRST COMPANY TO BE APPROVED FOR Rhode Island's new Qualified Jobs Incentive Tax Credit, Greystone of Lincoln, which manufactures precision turned components along with electro-chemical functional coatings, was approved for $460,000 in state tax credits over the next decade for creating 25 employees in that time frame. / COURTESY GREYSTONE OF LINCOLN
THE FIRST COMPANY TO BE APPROVED FOR Rhode Island's new Qualified Jobs Incentive Tax Credit, Greystone of Lincoln, which manufactures precision turned components along with electro-chemical functional coatings, was approved for $460,000 in state tax credits over the next decade for creating 25 employees in that time frame. / COURTESY GREYSTONE OF LINCOLN

(Updated 10 a.m.)
LINCOLN — Greystone of Lincoln Inc. will receive $460,000 in state tax credits over the next 10 years for creating new jobs that meet the requirements of the state’s Qualified Jobs Incentive Tax Credit.
The state incentive, created in 2015, provides up to $7,500 per job for Rhode Island companies that expand their full-time workforce with jobs that meet certain criteria. It also is available to companies that relocate and create jobs in the Ocean State.
Greystone, a manufacturer of precision turned components as well as electro-chemical functional coatings, plans to hire 25 employees with a median salary of $52,000, according to a release from the R.I. Commerce Corp., which authorized the tax credit agreement in a meeting Monday afternoon.
The company is the first to receive incentives created under the fiscal 2016 state budget.
Based in Lincoln, Greystone now has 226 employees, and plans to expand one of its facilities by some 10,000 square feet to accommodate new machinery and employees, according to a news release. In addition to the Lincoln location, the parent company, Greystone Inc., operates metal plating facilities in North Providence and Toano, Va.
The median salary projected for the 25 new jobs is just a bit below the Rhode Island median household income, which was $54,891 in 2014, according to U.S. Census data. Gov. Gina M. Raimondo, who has made middle-class job creation a priority goal for her administration, said the state incentives are making it easier for companies such as Greystone to expand their operations.
“By choosing to expand in Rhode Island, Greystone is helping us improve our economy by adding high-quality manufacturing jobs,” she said. “We look forward to continuing to work with the General Assembly to find more ways to support companies like Greystone to grow and thrive in Rhode Island.”

Under the agreement, based on the salary estimates, Greystone will be eligible for an annual tax credit of $46,000, for a 10-year cumulative total of $460,000.

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