Rhode Island offers a broad spectrum of incentives aimed at fostering business development, innovation, and job creation.  With a strong emphasis on renewable energy, advanced manufacturing, and technology sectors, the state provides various programs to help businesses expand and thrive.  Below are some of the most valuable incentives available for companies in Rhode Island.

Rhode Island Qualified Jobs Tax Credit

Overview

The Rhode Island Qualified Jobs Tax Credit is designed to incentivize businesses to create high-wage jobs in the state.  Companies that hire new employees in high-demand industries can receive tax credits to offset the cost of job creation.

Eligibility

• The business must create a minimum of 10 full-time jobs.

• The jobs must meet certain wage thresholds, which vary by industry.

• The business must operate within an eligible sector, including advanced manufacturing, healthcare, technology, and clean energy.

Incentive Value

• The business can receive up to $5,000 per new job created, depending on the wage level and the number of jobs created.

• The tax credit is available for a period of up to 5 years.

Application Process

Businesses must apply to the Rhode Island Economic Development Corporation (RIEDC), submitting information on job creation projections, wages, and capital investments.

Rhode Island Renewable Energy Fund

Overview

The Rhode Island Renewable Energy Fund (REF) provides financial incentives to businesses that invest in renewable energy technologies. This fund supports projects that contribute to the state’s clean energy goals, including solar, wind, and energy storage projects.

Eligibility

• The business must be investing in renewable energy systems or technologies that meet state specifications.

• The renewable energy project must be located within Rhode Island.

Incentive Value

• Grants or low-interest loans are available to businesses investing in renewable energy, with funding amounts determined by the project size and environmental impact.

• The fund covers up to 50% of project costs for small-scale projects and up to 30% for larger-scale renewable energy initiatives.

Application Process

Businesses must apply through the Rhode Island Office of Energy Resources, providing project details, technical specifications, and estimated energy savings.

Rhode Island Industrial Property Tax Incentive

Overview

The Rhode Island Industrial Property Tax Incentive provides a property tax exemption or reduction to businesses that invest in new or expanded facilities in the state. This program is aimed at encouraging industrial development, particularly in sectors such as manufacturing, distribution, and clean energy.

Eligibility

• The business must invest in new or expanded facilities in Rhode Island.

• The investment must create or retain jobs in the state.

Incentive Value

• The tax incentive provides up to a 10-year property tax exemption on qualified real and personal property.

• The amount of the exemption depends on the size of the investment and the number of jobs created.

Application Process

Businesses must apply through the Rhode Island Economic Development Corporation (RIEDC), providing detailed investment plans and projected job creation figures.

Rhode Island Technology Investment Tax Credit (TITC)

Overview

The Rhode Island TITC encourages investment in technology-based businesses, particularly in sectors such as life sciences, clean energy, and software development.  This program offers tax credits to investors who make equity investments in eligible companies.

Eligibility

• The business must be a qualified technology company, focused on sectors such as biotechnology, clean energy, or information technology.

• Investors must make equity investments in these companies, and the investment must be used to fund growth and innovation.

Incentive Value

• The tax credit provides up to 25% of the amount invested in qualified companies, with a maximum credit of $500,000 per investor per year.

• The credit can be applied to offset Rhode Island personal income taxes.

Application Process

Investors and companies must apply through RIEDC, submitting investment documentation and business plans.

Rhode Island Motion Picture Production Tax Credit

Overview

Rhode Island offers a Motion Picture Production Tax Credit to attract film, television, and digital media production companies to the state.  This credit is designed to incentivize production spending and job creation in the entertainment industry.

Eligibility

• The production must meet minimum spending requirements, including expenditures for wages, location fees, and equipment rentals within Rhode Island.

• The production must apply for the credit before filming begins.

Incentive Value

• The credit offers up to 30% of qualified production costs spent in Rhode Island.

• The amount of the credit is capped at $5 million per production.

Application Process

Film and media companies must apply through the Rhode Island Film and Television Office, submitting a production budget, shooting schedule, and detailed spending plan.

Rhode Island Historic Preservation Tax Credit

Overview

The Rhode Island Historic Preservation Tax Credit encourages the restoration and rehabilitation of historic properties in the state.  This credit helps businesses offset the cost of preserving buildings that contribute to Rhode Island’s cultural and architectural heritage.

Eligibility

• The property must be listed on the National Register of Historic Places or contribute to a designated historic district.

• The business must invest in significant rehabilitation work to restore or maintain the property.

Incentive Value

• The credit provides up to 25% of the total rehabilitation costs.

• The amount of the credit is capped at $5 million per project.

Application Process

Businesses must apply through the Rhode Island Historic Preservation and Heritage Commission, providing detailed rehabilitation plans and cost estimates.

Rhode Island Small Business Assistance Program

Overview

The Rhode Island Small Business Assistance Program provides loans and grants to small businesses that need financial support to expand operations, invest in new equipment, or improve facilities.  The program aims to stimulate economic growth by supporting small businesses in key industries.

Eligibility

• The business must be classified as a small business under Rhode Island’s definition, with fewer than 100 employees.

• The business must be investing in expansion or infrastructure projects that create or retain jobs.

Incentive Value

• Businesses may receive loans of up to $500,000 with favorable interest rates and repayment terms.

• Grants may be available for projects that meet specific community development goals.

Application Process

Businesses must apply through RIEDC, submitting financial information and project plans.