Advertising Ventures, Inc. - Rhode Island Commerce

Advertising Ventures, Inc.

The Company

Advertising Ventures, Inc. (“Advertising Ventures” or “the Company”), is a multidisciplinary brand culture and communications firm with offices in Providence and Miami, and service offices in New York City and Cordoba, Argentina. Advertising Ventures has been exceeding the branding goals of industry leading client partners for more than 25 years. Their services to clients including CVS Health, Stop and Shop, and Honeywell are composed of research, marketing strategy, content creation, copywriting, design, engineering for websites, and video/animation. The Company has evolved into a multinational strategic and creative firm trusted by Fortune 500 companies and diverse smaller organizations with ambitions to lead their respective industries. They are headquartered in Providence, RI in a creative sanctuary that is stimulating, playful and (add)venturous.

Approved Incentive

Advertising Ventures is proposing to expand within Rhode Island by creating at least 10 new full-time jobs for which it would receive tax credits . The new jobs are projected to be filled by a range of graphic designers, video producers, engineers and management, with an anticipated median salary of $60,000 for jobs qualifying for Qualified Jobs Incentive Tax Credits. Advertising Ventures expects to hire these new employees by 2019.

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 Advertising Ventures 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 Advertising Ventures hiring 10 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 $260,000 over the 10-year period. The actual tax credit amount will be determined by the number and wages of the new jobs created.
  • Based on a third-party analysis, over the twelve-year period, Rhode Island is projected to realize a net increase of $484,000 in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of $1.7 million in Rhode Island’s annual GDP once the new hires are in place.

Additional Documentation

Board Resolution Economic Impact Analysis

Media Coverage

Providence Journal: Tax incentives will help four companies bring 2,000 jobs to R.I.”

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