economic development

Hasbro granted up to $1.63M tax break by EDC

BLOOMBERG NEWS MICHAEL SPRINGER
HASBRO INC. was granted up to a $1.63 million tax break by the R.I. EDC on Monday in exchange for 284 new full-time jobs.
Posted 4/26/11

PROVIDENCE – Pawtucket-based toymaker Hasbro Inc. was granted up to a $1.63 million tax break by the R.I. Economic Development Corporation on Monday if it creates 281 new full-time jobs over the next three years.

Hasbro executives have told state officials that they’ve outgrown offices in Pawtucket and East Providence, and they were interested in establishing another location in Providence. Hasbro hasn’t identified possible sites.

The EDC board approved “project status” for Hasbro to renovate or construct and furnish the offices, which the company estimated would cost about $24 million. The designation gives Hasbro a sales-tax exemption for purchasing building materials and other items.

The tax break is based on how many “higher-paying” positions – jobs that pay more than $36,691 annually, or 105 percent of the median wage – will be created.

Hasbro said it will create 284 jobs, 281 of which will meet the criteria. Salaries for the new positions will range between $22,500 and $157,558. State officials have estimated the 281 qualified jobs will add $1.63 million in income tax revenue for the state over the first three years, the amount of the tax break.

Gov. Lincoln D. Chafee, who serves as EDC chairman, previously has expressed concern about approving tax breaks for individual businesses, but he supported the move for Hasbro.

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