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INCENTIVE DESCRIPTION
| State: | RI |
| Incentive Type: | Income/Franchise Tax Incentives and Credits |
| Incentive Title: | Investment Credits |
| Description: | INVESTMENT TAX CREDIT1. A 4% income tax credit is available on capital investment made in new facilities and machinery and equipment used in the production process. Credit may not reduce business' tax liability below $250.00. Unused credit may be carried forward 7 years. 2. "High performance manufacturers" are allowed a 10% credit against state income tax. Credit may not reduce liability by more than 50%. Unused credits may be carried forward 7 years. 3. "Qualified taxpayers"(firms paying above average wages or investing significantly in worker training) are able to take a 10% tax credit on leased or tangible personal property. |
| Eligibility Requirements: | 1 & 2. A firm may not take both the 4% tax credit and the 10% tax credit. 1,2&3. Credit is for manufacturing firms. |
| Geographic Restrictions: | Statewide |
| Granting Authority: | Rhode Island Economic Development Corporation |
| The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com |
Impotant Legal Information Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives. |
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