Xeros, Inc.

Xeros, Inc.

The Company

Xeros, Inc. (“Xeros”), is a business entity under Xeros Technology Group (“XTG”) based in Sheffield, England. XTG is dedicated to improving water intense processes through their patented polymer technology by reducing water dependency, chemicals and energy.  XTG channels its efforts through three distinct divisions: tanning, textiles and clean technology.  Of the three divisions, cleaning technology is based in the United States as a business entity Xeros Inc.  A significant portion of the efforts of cleaning technology is commercial laundry.  All of the research and development for commercial laundry is currently located in Seekonk, MA. Xeros has 0 current employees in Rhode Island.

Approved Incentive

Xeros is proposing to relocate in Rhode Island by creating at least 25 new full-time jobs for which it would receive tax credits[1].  The new jobs are projected to be filled by a range of technicians, engineers, and management professionals, with an anticipated median salary of $73,000 for jobs qualifying for Qualified Jobs Incentive Tax Credits.  Xeros expects to hire these new employees by 2019.

[1] In order for a job to be eligible for incentives under the Qualified Jobs Incentive Tax Credit Program, it must earn at least the Rhode Island Median Wage which is currently $19.10 per hour.

Explanation

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 Xeros has indicated that it will commit to maintaining the new jobs in Rhode Island for at least the twelve years as required.
  • The tax credits are predicated on Xeros hiring 25 full-time employees by 2019. The tax credits would not be awarded until jobs are created and generating state income tax withholdings.  To receive tax credits, the company must create and maintain 100 percent of its year 1-10 hiring commitment.
  • The total credits are estimated to be worth $784,973 over the 10-year period. The actual tax credit amount will be determined by the number and wages of the new jobs created.  Xeros would also be eligible for additional tax credits up to 40 jobs.
  • Based on a third-party analysis, over the twelve-year period, Rhode Island is projected to realize a net increase of $1,445,027[1] in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of $4.6 million in Rhode Island’s annual GDP once the new hires are in place.

[1] This does not include the value of the state income taxes generated over 10 years by the new incentivized jobs created by Xeros, as those income taxes will be offset by the tax credit paid to the company under the Act.

Additional Documentation

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