Key Rhode Island Incentive Program Extended; Now Accepting Applications
Rhode Island Rebuild program extended through December 31st, 2025
A vital economic development program in Rhode Island was recently extended with the passage of HJR 7225, the state’s Fiscal Year 2025 budget. Known as the Rebuild Rhode Island program, Rhode Island Commerce Corporation (Commerce RI) provides tax credits to qualified commercial, residential, and mixed-use projects. Designed to be a gap financing support tool, the program provides redeemable tax credits for up to 30% of project costs. The recently passed legislation extends the sunset for the program to December 31st, 2025.
SNAPSHOT
Financing up to 30% of the project cost
Program aims to fill the financing gap for projects that cannot raise sufficient funding
Incentives include redeemable tax credits
Rebuild Rhode Island Tax Credit is now open for applications
Program’s sunset was extended through December 31st, 2025
EVALUATION CRITERIA
A minimum project cost of $5 million and certain square footage/project size minimums may apply
Target Industries
Biomedical innovation
IT/software Cyber-physical systems
Data analytics
Defense shipbuilding and maritime
Advanced business services
Design, food and custom manufacturing
Transportation, distribution, logistics
Arts
Education
Hospitality and tourism
POTENTIAL VALUE
Incentive is calculated as the lesser of the project financing gap or 30% of project costs up to a maximum of $15 million. Tax credits are available for up to 5 years in increments ranging from 15% to 30% of total tax credit beginning in the year the project is placed in service.
CONNECT WITH THE HICKEY’S INCENTIVES TEAM
The Hickey & Associates incentives team has advised companies navigating the Rebuild Rhode Island Tax Credit. Applications are open now! Contact us for more specifics, including eligibility criteria, application details, and funding requirements. If you’d like our support throughout the application process, we are here to help!