| State: |
RI |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Jobs Credits |
| Description: |
1. RHODE ISLAND JOBS DEVELOPMENT ACT: Incremental tax deduction to companies that create new employment. New jobs decrease a company's tax rate by 0.25% for every 50 jobs created. Maximum credit is 6%.
2. JOBS GROWTH ACT: Allows any business to offer their employees an exclusion of 50% of performance based pay from Rhode Island gross income tax. The company would then pay 5% tax on that part of the income.
|
| Eligibility Requirements: |
1. New employees must be paid 150% of the state minimum wage. Rate reduction permanent as long as the company maintains the same level of employment that it had during the three year period. Ten jobs must be created over a three year period for employers with less than 100
employees.
2. Applies only to bonus or incentive income. Must hire 100 new employees, pay 125% of the state's annual average compensation and add $10 million to the state payroll. Employees must have been hired or relocated after 6-01-05 and may not have previously worked for the business.
|
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
Rhode Island Department of Economic Development |
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