Rhode Island Commerce Corporation | Business Tax Credits, Incentives and Grants
YOUR BUSINESS ADVISOR

TAX CREDITS AND FINANCING

Qualified Jobs Incentive Tax Credit

Expand your workforce in Rhode Island or relocate jobs from out of state, and you can receive annual, redeemable tax credits for up to 10 years with the Qualified Jobs Incentive program. Credits can equal up to $7,500 per job per year, depending on the wage level and other criteria. The minimum number of new jobs needed to qualify varies by industry and company size, but can be as few as 10. The first 500 jobs approved under the program will receive the maximum credit available.

Target Industries:

Biomedical innovation
IT/software
Cyber-physical systems
Data analytics
Defense shipbuilding and maritime
Advanced business services

Contact Us Today

Design, food and custom manufacturing
Transportation, distribution, logistics
Arts
Education
Hospitality and tourism

Rebuild Rhode Island Tax Credit

If your real estate project cannot raise sufficient funding, Rebuild Rhode Island can fill the financing gap with redeemable tax credits covering up to 20% – and, in some cases, 30% – of project costs. Commercial office, industrial, residential, mixed-use development, ground-up construction, and historic rehab can qualify. A minimum project cost of $5 million and certain square footage/project size minimums may apply. Approved projects can also be exempted from sales tax on construction materials, furnishings, and equipment.

Target Industries:

Biomedical innovation
IT/software
Cyber-physical systems
Data analytics
Defense shipbuilding and maritime
Advanced business services

Contact Us Today

Design, food and custom manufacturing
Transportation, distribution, logistics
Arts
Education
Hospitality and tourism

Tax Increment Financing

Tax increment financing provides capital for your eligible project by rebating a portion of the new state tax revenue generated by the project. An eligible project must demonstrate need through a “financing gap.” The tax revenue rebate may not exceed 30% of total project costs (there’s an exemption for public infrastructure/utilities) or 75% of incremental revenue generated.

Target Industries:

Biomedical innovation
IT/software
Cyber-physical systems
Data analytics
Defense shipbuilding and maritime
Advanced business services

Contact the Commerce Corporation about the application process.

Design, food and custom manufacturing
Transportation, distribution, logistics
Arts
Education
Hospitality and tourism

YOUR BUSINESS ADVISOR

YOUR BUSINESS ADVISOR

YOUR BUSINESS ADVISOR

YOUR BUSINESS ADVISOR

NEWSLETTER