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Rhode Island Business Incentives Explained, Part 1

Posted by in - January 13

• Gives un-taxed revenue bonds of up to $20 million to manufacturing businesses, primarily to green and high tech manufacturing businesses (renewable energy solutions, advanced materials, etc.)

• Companies located in the “enterprise zone” that build employment opportunities by 5% each year are eligible for state funding

• Supports a Renewable Energy Fund (REF) that this year has distributed $681,875 in grants to 17 local projects that will increase employment in green technology and green energy industries.
• Offers companies that have been designated “Project Status” construction (new facilities approved by RIEDC, with company wages 5% above average) and companies that use state offered bond financing programs exemptions from sales tax on machinery, materials, equipment, and other supplies purchased for facility use.

• Businesses that can offer new employment opportunities for three years in a row are eligible for reductions in corporate income taxes, reductions persist as long as same number of jobs is maintained; amount of tax reduction proportional to number of jobs created.

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