RHODE ISLAND INCENTIVES SUMMARY

Qualified Jobs Incentive Tax Credit
Provides a base tax credit of up to $2,500 per job per year for a term of up to ten years. A minimum number of new jobs is required based on the number of current full-time employees and industry type.

The amount of tax credit per job may be increased up to $7,500 per job per year if the company locates in a targeted area, is in a targeted industry, locates within a transit-oriented development area, or is an out-of-state company that relocates or creates a significant number of new full-time jobs to Rhode Island.

Rebuild Rhode Island Tax Credit
This program is designed to fill gaps in financing by providing tax credits of up to 20 percent, and potentially up to 30 percent, of project costs. Project costs must equal at least $5 million with certain square footage and project size minimums required. Approved projects may be exempt from sales tax on construction materials, furnishings, and equipment.

Tax Increment Financing (TIF)
Provides a rebate a portion of the new state tax revenue generated by a company project. Projects must demonstrate a financial gap. The TIF may not exceed 30 percent of total project costs or 75 percent of incremental revenue generated.