Vistaprint Corporate, a business unit of Cimpress N.V. (Nasdaq: CMPR), provides mid-market businesses with solutions for their custom print needs. Vistaprint Corporate leverages patented technology that delivers quality, customized products at an affordable price. Cimpress N.V. employs 10,000 employees in over 40 offices and manufacturing facilities across the globe. Vistaprint Corporate has teams in Waltham, Massachusetts, Barcelona, London, Tunis and Montego Bay.
Visaprint Corporate is proposing to establish and grow their national sales office in Providence, Rhode Island. The Providence office is expected to employ at least 125 new full-time employees, including sales representatives and design professionals, with a median salary of $55,000. The company expects to begin hiring in summer 2017 and to have its full team in place by 2020.
The Commerce Corporation is recommending awarding Qualified Jobs Incentive Tax Credits to the Company.
- The recommended term of the tax incentive agreement is ten years, and Vistaprint Corporate has indicated that it will commit to maintaining the new jobs in Rhode Island for at least the twelve years required.
- The tax credits would not be awarded until jobs are created and generating state income tax withholdings. In order to receive the credits, the company must create at least 40 jobs by 2018, 70 jobs by 2019, and 125 jobs in years 2020 and beyond.
- The total credits are estimated to be worth $2.2 million over the 10-year period.
- Vistaprint Corporate would also be eligible for additional tax credits if they create at least 175 jobs by 2021, 225 jobs by 2022, or 275 jobs by 2023.
- Due to cost considerations and ease of startup at an existing Cimpress facility, the company has certified that it would not locate these jobs in Rhode Island without provision of the tax credits.
- Based on a third-party analysis, over the twelve-year period, Rhode Island is projected to realize a net increase of $5.3 million in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of $13.3 million in Rhode Island’s annual GDP once the 125 new hires are in place.