Qualified Jobs Incentive Tax Credit
Trade Area Systems, Inc. (“Trade Area Systems”), founded in Attleboro, Massachusetts in 2003, is a software-as-a-service (“SaaS”) company focusing on the retail real estate industry. The Company provides market and business intelligence technology and data to retailers and retail shopping center owners and developers, including a number of the largest companies in the retail industry. The Company’s flagship product suite, TAS Unity, is used by six of the top 45 retailers in the United States.
Trade Area Systems is proposing to create 28 new jobs in Rhode Island, relocating 20 existing employees as well as hiring an additional eight employees to support further growth. The estimated median salary of these positions is $74,000.
- Trade Area Systems expects that moving to Providence will provide better access to talent and a better business ecosystem for long-term growth.
- Relocating to Rhode Island, as opposed to maintaining current operations in Attleboro, is estimated to cost Trade Area Systems an additional $1,013,670 over five years. As a result of the Qualified Jobs Incentive Tax Credits, however, Trade Area Systems has decided to relocate to Rhode Island.
- Based on current salary estimates, Trade Area Systems would be eligible for annual Qualified Jobs Incentive Tax Credits of approximately $106,613 for the 28 projected jobs, for a five-year cumulative total of $521,507.
- The recommended term of the tax incentive agreement is five years, and Trade Area Systems has indicated that it will commit to maintaining the new jobs in Rhode Island for at least the six years required.
- Based on a third-party analysis, over the 6 year period, the State is projected to realize a net increase1 of nearly $135,000 in personal income taxes resulting from the new 28 hires and the project build-out, as well as an increase of $11.0 million in Rhode Island’s annual GDP attributed to Trade Area Systems’ relocation.