Rebuild Rhode Island Tax Credit Recipients
Infosys Limited (NYSE: INFY) is a global leader in technology services and consulting. Founded in 1981, Infosys employs approximately 198,000 employees worldwide and currently has 450 full-time employees in Rhode Island. Infosys successfully defined, designed and delivered business value to global corporations across industries such as financial services, insurance, retail, logistics, healthcare, life sciences, energy and many more across the world. Through their focus on executing strategies for their digital transformation It has grown into a $10.4 billion company with a market capitalization of $34.5 billion.
Infosys has recently announced a plan to hire 10,000 American workers over the next two years. This development comes as part of its continued legacy of a three-decade long investment across the U.S. In the last 3 years, Infosys has renewed this focus by setting up an Innovation hub in Silicon Valley. An open environment that encourages new ways of working, collaborating, thinking and delivering breakthrough next generation projects to clients.
The Sponsor has requested up to a maximum of $750,000 in Rebuild Rhode Island Tax Credits and the sales and use tax exemption under the Act for eligible construction and build out costs for $100,000. The Commerce Corporation is also recommending awarding an estimated $8.5 million in Qualified Jobs Incentive Tax Credits and up to $500,000 of grant funding under the First Wave Closing Fund Program. The total estimated value of the combined incentives is $9.85 million.
The Applicant Infosys Limited is proposing to develop and operate a new, Innovation & Design Center (the “Project”) in the Providence area. The two-phase 50,000-square foot Center will focus on cutting edge technology areas, including artificial intelligence, machine learning, user experience, emerging digital technologies, cloud, and big data. This initiative by the Company falls within their plan to hire 10,000 American workers over the next two years. The Applicant has committed to hire 500 new full-time employees for technology and software engineers/design staff.