R.I. offers incentives for economic growth

PROVIDENCE – State leaders last week launched new incentive programs aimed at spurring economic growth across Rhode Island.

“We have moved quickly to create programs to attract and grow business here and jump-start our economy,” said Gov. Gina M. Raimondo in a release.

The Qualified Jobs Incentive encourages new job creation through both business attraction and growth. This incentive provides a base tax credit for companies relocating to the state and creating a minimum number of new jobs, and for current Rhode Island companies growing their in-state workforce by a threshold percentage. The annual base tax credit is $2,500 for each new full-time job created, with possible add-ons of up to $5,000 per job if specific criteria are met. The first 500 jobs approved under the program will receive the maximum credit.

The Rebuild Rhode Island Tax Credit fosters growth in construction and real estate development by providing a tax credit of up to 20 percent of project costs to qualified real estate projects of $5 million or more that demonstrate a financing gap. •

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