iXblue Defense Systems, Inc. (“iXblue” or “the Company”), is a leading global provider of innovative solutions and services for navigation, positioning, and imaging. Civil and defense customers rely on iXblue systems, operations, and services for the challenges they face at sea, on land, in the air, or in space. The parent company iXblue SAS is located northwest of Paris, France in Saint Germain-en-Laye and has offices in 5 locations worldwide including Natick, Massachusetts. iXblue is recognized throughout the industry for pioneering work on the development of the high-performance fiber-optic gyroscopes (“FOG”), acoustic and sonar signal processing, and inertial-acoustic sensor data fusion. These products provide high accuracy, unrivalled performance and unsurpassed reliability. iXblue has delivered more than 10,000 high performance gyroscopes. iXblue FOG solutions have been selected by more than 30 navies, for a full range of vessels from attack craft to aircraft carriers and nuclear submarines. iXblue differentiates itself through full value chain expertise and vertical integration, easy-to-use versatile products, professional services, customer care, and long-term partnerships.
iXblue is proposing to relocate in Rhode Island by creating at least 22 new full-time jobs for which it would receive tax credits. The new jobs are projected to be filled by a range of business development, engineers and management with an anticipated median salary of $110,000 for jobs qualifying for Qualified Jobs Incentive Tax Credits. iXblue expects to hire these new employees 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 iXblue 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 iXblue hiring 22 full-time employees by 2020. 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 $1.03 million 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 $1.4 million in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of $4.9 million in Rhode Island’s annual GDP once the new hires are in place.