Officials highlight job creation proposal

STATE REP. K. Joseph Shekarchi, D-Warwick, plans to submit this week an amendment to H-5116, a legislative proposal that he has submitted for the last three sessions to improve and expand the Rhode Island Qualified Jobs Incentive Program. / COURTESY R.I. GENERAL ASSEMBLY
STATE REP. K. Joseph Shekarchi, D-Warwick, plans to submit this week an amendment to H-5116, a legislative proposal that he has submitted for the last three sessions to improve and expand the Rhode Island Qualified Jobs Incentive Program. / COURTESY R.I. GENERAL ASSEMBLY

WARWICK – A legislative proposal to encourage new and existing companies to grow and add new jobs was highlighted today by Gov. Gina M. Raimondo, House Speaker Nicholas A. Mattiello and state Rep. K. Joseph Shekarchi.

The proposal was outlined at the InterLink Transportation Hub garage.

Shekarchi, D-Warwick, plans to submit this week an amendment to H-5116, a legislative proposal that he has submitted for the last three sessions to improve and expand the Rhode Island Qualified Jobs Incentive Program.

“To reignite Rhode Island’s economic engine, we need to be bold and creative about how we bring business to our state and help them grow. To be successful, we need more tools in our toolbox for businesses to invest here, and to be competitive with our neighbors,” Shekarchi said in a statement.

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Mattiello said the legislation will provide “a much-needed economic boost to Rhode Island and complements other proposals to improve our business climate and economy.”

The legislation is geared to companies of all sizes, as well as those that are well-established or just starting out.

As proposed, the initiative will provide tax credits ranging from $2,500 to $7,500 to eligible businesses that create new jobs through 2020 and will encourage the creation of high-quality jobs in priority industries and areas, according to information from the governor’s office.

Additional incentives may be provided to communities most in need and areas in transit hubs. The tax credit will not exceed the amount of state income taxes generated by the position.

The Commerce Corporation will not release credits until jobs are filled and taxes are paid on positions. If a firm fails to maintain the majority of its jobs, the credits will stop and a fine could be levied, according to the governor’s office.

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