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List of incentives available in this location for quick easy reference below.

Incentives

Table key

  • Incentive offered
  • Incentive not offered
  • Did not submit information
Cash grants/incentivesMore [+]Less [-]
  • Job Training Grants - training program for business and industry funded through a job development assessment of 0.21% on the firm's taxable payroll.
Tax exemptionsMore [+]Less [-]
  • Corporate Income Tax Reduction for Job Creation (The Jobs Development Act) - incremental reduction in the corporate income tax rate (currently 9%) to companies that create new employment in RI over a 3 year period.
  • Sales Tax Rebate - qualified companies can be given Project Status by RIEDC in order to be exempt from RI sales tax on construction materials, equipment, furniture, machinery, computers etc.
  • Innovation Tax Credit - 50% credit on eligible investment with maximum tax credit of $100,000.
  • Manufacturing Investment Tax Credit - 4% tax credit against the RI corporate income tax and the personal income tax on buildings and structural components, machinery and equipment. Also 10% tax credit available for high performance manufacturers.
  • Investment Tax Credit for Non-Manufacturing Firms - 10% investment tax credit on owned or leased tangible personal property.
  • Research Development Expense Credit - 22.5% tax credit for increases in qualified research expenses - the highest rate in the US.
  • Job Training Tax Credit - credit against the corporate income tax (or insurance premium tax) equal to 50% of eligible training expenditures for new or existing employees.
  • Enterprise Zone Business Tax Credit - firms that increase total company employment by 5% each year within an enterprise zone may take a credit equal to 75% of the total wages paid to employees living in an enterprise zone.
  • Motion Picture Production Tax Credit - transferable 25% tax credit against the corporate or personal income tax for all certified costs of film, video, video games, TV series or commercials made in RI.
Property assistance / other fiscal incentiveMore [+]Less [-]
  • RIEDCs site selection group will work with companies considering expanding or relocating in Rhode Island to identify suitable sites, address infrastructure needs, coordinate visits, make confidential inquiries, and provide an objective analysis of expansion and relocation opportunities in Rhode Island.
  • The RIEDC Internet Map Server (IMS), a web-based mapping tool, is used to support local economic development and planning activities.
  • Some of the ways RIEDC can help companies include: Site Selection, Permit assistance, help with Industrial and Business Park Offerings, contact with commercial/industrial real estate brokers, help with brownfield sites etc.
Training and labor market assistanceMore [+]Less [-]
  • Job Training Grants - training program for business and industry funded trough a job development assessment of 0.21% on the firm's taxable payroll.
  • Job Training Tax Credit - credit against the corporate income tax (or insurance premium tax) equal to 50% of eligible training expenditures for new or existing employees.
Loan guarantees, cheap loans or financeMore [+]Less [-]

RI Industrial Facilities Corporation (RIFFC)

  • Tax Exempt Bonds: RIIFC issues tax-exempt revenue bonds for companies exploring various manufacturing projects with a $20 million maximum limit per project.
  • Taxable Bonds: For businesses that want to branch out into a commercial enterprise, including building tourist-travel facilities, RIIFC offers taxable bonds.

RI Industrial Recreational Building Authority Bond/Mortgage Insurance.

  • RIEDC offers mortgage insurance through the Rhode Island Industrial - Recreational Building Authority (IRBA). The maximum amount a business can borrow through this program is $5 million.

Small Business Loan Fund

  • The Small Business Loan Fund provides up to $500,000 for manufacturing businesses and $250,000 for non-manufacturing businesses.

Micro-Business Emerging Growth Fund

  • The micro-business loan program assists start-up or existing businesses that employ less than five people and generate less than $500,000 in annual revenues.

The Urban Revitalization Fund

  • TURF is a non-profit community development financial institution certified by the U.S. Department of the Treasury to provide loans and equity-like investments to developers and not-for-profit organizations involved in the revitalization of commercial properties in urban areas.
Exemptions from regulations
Target sectorsMore [+]Less [-]
  1. Biotech
  2. Finance
  3. Defense and Marine
Sectors specific incentivesMore [+]Less [-]
  • Alien Insurance Companies - The Rhode Island Port of Entry Act passed in 1997 allows a foreign (non-U.S.) insurance company to become licensed in Rhode Island and be treated as a Rhode Island domiciled insurance company for the purposes of obtaining licenses in other states.
  • Income Apportionment - Depository Institutions: Income of banks having a regular place of business outside Rhode Island are entitled to apportion net income using a three-factor formula similar to that used for the corporate income tax.
  • Credit card banks: Banking institutions engaged only in credit card business may elect to apportion net income derived directly or indirectly from the banking institution to Rhode Island only to the extent that customers of the taxpayer are domiciled in Rhode Island.
  • Regulated investment companies & securities brokerage: Income of Regulated Investment Companies and Securities Brokerage Services may be apportioned to Rhode Island using a one-factor formula based on the ratio of gross sales to Rhode Island residents to gross sales everywhere.
  • Retirement and pension plans: Pension fund service firms may use a one-factor formula based on the ratio of total Rhode Island receipts to total receipts everywhere. Taxpayers who provide traditional administrative services to pension or retirement plans may elect to have its net income apportioned on the basis of the domicile of its employee beneficiaries.
  • Sales or transfers of intangible personal property such as stocks, bonds, accounts receivable, money, or insurance policies are exempt from the sales tax.
  • Telecommunication Sales Tax Exemption - Regulated investment companies with at least 500 full-time equivalent employees are exempt from the sales and use tax imposed on toll-free terminating telecommunication service.

Sponsorship

If you are the authorised promotions agency for Rhode Island and would like to have your location highlighted on fDi Atlas, you can contact our sales team on + 44 (0) 207 775 6667 or contact us here.