Report: Woonsocket companies received most FY12 tax incentives, led by CVS Caremark
CVS PHARMACY INC., a subsidiary of Woonsocket-based CVS Caremark Corp., received $20.3 million in tax incentives from the state in fiscal year 2012, by far the highest amount received by any company, according to data released by the R.I. Department of Revenue Thursday.
PROVIDENCE – The R.I. Department of Revenue on Thursday released its economic development report for fiscal year 2012, providing a breakdown of tax incentives awarded by geographic region and company, and whether recipients met job-creation and wage-and-benefits goals.
Enterprises in the city of Woonsocket received the most tax incentives of any single geographic area for the fiscal year, with tax credits and benefits totaling $20.4 million, followed by Providence with $8.9 million and North Kingstown with $602,160.
The complete breakdown of tax credits and benefits in fiscal 2012 by municipality is as follows:
Bristol – $69,906
Cranston – $30,843
Cumberland – $52,197
East Providence – $132,123
Hopkinton – $38,577
Johnston – $350,000
Middletown – $8,403
North Kingstown – $602,160
Pawtucket – $10,000
Portsmouth – $4,973
Providence – $8,903,160
Smithfield – $304,783
Tiverton – $9,665
Warren – $55,354
Woonsocket – $20,435,461
An additional $3.3 million of tax incentives could not be tied to a single geographic area, the Revenue Department said.
Five different tax incentives were included in the agency’s economic development report: the R.I. Commerce Corporation’s sales and use tax exemption for approved projects, “Incentives for Innovation and Growth” tax credits for companies operating in “innovation industries,” “Jobs Development Act” corporate tax rate reductions, “Distressed Areas Economic Revitalization Act” tax credits for companies located in enterprise zones, and the state’s motion picture production tax credits.
In fiscal year 2012, the state awarded $5.96 million in R.I. Commerce Corporation project tax exemptions to seven companies including CVS Pharmacy Inc., GTECH Corp. and United Natural Foods Inc. Jobs Development Act tax incentives, totaling $16.4 million, were awarded to AAA Southern New England, CVS Pharmacy, General Dynamics Electric Boat and UNFI, among others.
Twenty companies and organizations received wage tax credits under the Distressed Areas Economic Revitalization Act, including (add)ventures, Hope Global, Summer Infant, TD Bank and UNFI. Economic Revitalization Act tax credits totaled $701,936 for fiscal 2012.
There were no Incentives for Innovation and Growth tax credits awarded during the fiscal 2012 year.
The state also awarded $11.4 million in film production tax credits to four motion picture projects in fiscal year 2012, including $2.9 million to Moonrise LLC, the producers behind the 2012 film “Moonrise Kingdom.”
Of all the companies receiving tax incentives in fiscal 2012, Woonsocket-based CVS Caremark Corp. received by far the most, at $20.3 million. Film production company Paige Productions Inc. received the second-highest amount, at $8.1 million, followed by Moonrise LLC at $2.9 million, General Dynamics Electric Boat at $602,160 and FM Global at $350,000.
The complete list of companies that received incentives in fiscal year 2012, in descending order of amount of tax credits awarded, is as follows: