PROVIDENCE, R.I. — Governor McKee, Chair of the Rhode Island Commerce Board, and Secretary of Commerce Stefan Pryor announced today that the Board awarded Motor Club Insurance Company (MCIC) tax credit incentives to create at least 370 new jobs in Rhode Island.
"MCIC’s commitment to create at least 370 new jobs builds on the more than 36,000 private-sector jobs that have been added under my administration," said Governor Dan McKee. "Rhode Island is continuing to use strategic investments to attract new companies and create opportunities for people across our state."
The estimated $6.8 million award made at Monday night’s Commerce Corporation Board of Directors meeting is part of the state’s Qualified Jobs Incentive Tax Credit Program [mf94itmab.cc.rs6.net] and will be spread out over 10 years. MCIC could qualify for additional tax credits for creating more jobs in increments of 25 FTEs.
"Regarding where it can go in order to grow, MCIC is a company with choices — and we’re very glad it’s choosing Rhode Island," said Secretary of Commerce Stefan Pryor. "MCIC demonstrates that targeted Commerce incentives can strengthen existing employers, help to create hundreds of jobs, and expand opportunity for Rhode Islanders right here in the Ocean State."
Rhode Island’s Qualified Jobs Incentive Tax Credit Program offers businesses incentives to land and grow in Rhode Island expanding their workforce while reducing costs. Companies that create new positions or relocate jobs to the state can receive annual, redeemable tax credits for up to 10 years, with credits of up to $7,500 per job per year.
Designed to support both emerging and established businesses, the Qualified Jobs Incentive Tax Credit Program helps offset the costs of hiring, enabling companies to scale operations while lowering their tax burden.
A Rhode Island domiciled insurance company that provides auto, home and umbrella insurance to AAA Northeast members, MCIC currently issues policies in Rhode Island and Connecticut with plans to expand in Massachusetts, New York and New Jersey.
"The creation of new full-time jobs for MCIC reflects our confidence in Rhode Island’s workforce and leadership, along with our commitment to investing in the state’s future," said John Galvin, President and CEO of AAA Northeast. "AAA Northeast has been part of Rhode Island’s story for generations, and we look forward to creating meaningful opportunities for years to come."
PRESS CONTACT
Matthew Touchette
Director of Communications
matthew.touchette@commerce.ri.gov
401-545-0626
