Business Excellence Awards
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By PBN Staff
By PBN Staff
PROVIDENCE – Rhode Island issued more than $17.9 million in tax credits and incentives to 20 different companies in the 2013 fiscal year, according to the R.I. Division of Taxation’s annual tax credit and incentive report.
The figure last year was nearly double, at $34.4 million for fiscal 2012.
The report, required by state law, summarizes the tax credits and bonds, grants, loans, loan guarantees and matching funds entities receive each fiscal year under six incentive programs: the R.I. Economic Development Corporation Project Status, the Incentive for Innovation and Growth, the Jobs Development Act, the Distressed Areas Economic Revitalization Act – Enterprise Zones, the Motion Picture Production Tax Credit and the discontinued Mill Building and Economic Revitalization Act.
CVS Pharmacy Inc. was the largest recipient, earning more than $15.6 million from two of the programs. The company received $1,138,859.52 under the EDC Project Status and $14,450,002 under the Jobs Development Act, which was also the largest single amount disclosed in the report.
CVS/pharmacy also disclosed $1.4 million from three other incentive programs: the Daycare Credit, the Investment Tax Credit and the Jobs Training Credit.
The Jobs Development Act was the state’s largest incentive program in fiscal 2013, with credits under the measure totaling $15.3 million to eight companies.
EDC tax credits came to $2.2 million, distributed over six companies.
Enterprise Zone tax credits came to $383,503.25 for seven companies.
Only one production company received tax credits under the Motion Picture Production tax credit. Ginkgo Leaf Productions, which produces the weekly outdoors show Cultivating Life, received $70,722.87 under the tax credit.
The Mill Building and Economic Revitalization Act ended in 2009.