Sheehan: Greystone of Lincoln benefits from Qualified Jobs Incentive Act

Last year, in an attempt to bring Rhode Island more economic viability by making it easier to do business, I sponsored legislation along with Rep. K. Joseph Shekarchi that created the Qualified Jobs Incentive Act. That legislation became law when it was signed by Gov. Gina Raimondo.
The act makes tax incentives available to companies locating, expanding and hiring in Rhode Island, with particular emphasis on high-wage employment — jobs that pay well in promising industries.
Now we are seeing this legislation bear fruit. The R.I. Commerce Corporation has entered into its first tax credit agreement under this new law. The company involved, Greystone of Lincoln, is planning to hire 25 new employees under the agreement.
Greystone, a company that’s been in Rhode Island for 83 years, is a manufacturer of high-volume, precision computer numerical control tuned parts. The 25 full-time employees they will be hiring will have an annual median salary of $52,000. The company also plans to expand one of its facilities by about 10,000 square feet to accommodate the new staff and machinery.
While I have always been extremely proud of this legislation, it is particularly gratifying to see it put to use — and by such a well-respected Rhode Island manufacturer. This is a perfect example of what we as a state can accomplish in improving the business climate, leading to more jobs and a better economy.
Our intention in enacting this legislation last year was to take a bold step in the ways we attract business to this state as well as help the growth of those businesses that are already here. We took this creative approach so we could be more competitive than our neighboring states. And now it’s paying off.
Greystone, for instance, had been exploring the possibility of expanding either here in Rhode Island or at their facility in Toano, Va. The Qualified Jobs Incentive Act gave them just enough of an incentive to decide to do their investing right here.
The new law encourages new job creation by providing a base tax credit for companies relocating to the state and creating a minimum number of jobs and for current Rhode Island companies that are building their in-state workforce.
As Governor Raimondo pointed out, the Qualified Jobs Incentive Act “is beginning to make it easier for businesses to grow here.”
As we start a new session of the General Assembly, we will continue to work with the governor and the RICC to find new ways to ensure that other companies continue to grow and thrive in our state. Incentives such as these pay for themselves by producing more revenue. New employees will be paying income tax. They will also be buying houses and spending money at Rhode Island establishments. All of these things produce an overall effect which gives our state a much-needed economic boost.
I would like to thank Representative Shekarchi for supporting this legislation with me. And I would like to thank Governor Raimondo and the R.I. Commerce Corporation for putting it into practice.
Most of all, I look forward to our continuing efforts to give Rhode Island a reputation as a good place to do business.

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