Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.13 - Determination of Tax Credit Amount

Current through June 14, 2024
A. The amount of the
							Tax Credit allowed for each New Full-Time Job shall be determined as set forth
							in this Rule.
1. For an Applicant for whom the
							Board approves Tax Credits prior to the Board approving Tax Credits for a
							cumulative total of 500 New Full-Time Jobs, the annual amount of the Tax Credit
							for said Applicant for each New Full-Time Job shall be $7,500; otherwise, the
							annual base amount of the Tax Credit for each New Full-Time Job shall be $2,500
							and may be increased by the amount indicated, up to an additional $5,000, if
							any of the following priority criteria, or other criteria determined by the
							Corporation from time-to-time in response to evolving economic or market
							conditions, are met:
a. For a Business with
							New Full-Time Jobs with a median salary in excess of 110 percent of the
							existing median hourly wage as reported by the United State Bureau of Labor
							Statistics for the State, an increase of $300 per year for each ten percent by
							which the median salary levels exceeds the existing median hourly
							wage;
b. For a New Full-Time Job in
							a Targeted Industry, an increase of up to $5,000 per year;
c. For a New Full-Time Job located within a
							Hope Community, an increase of $1,000 per year;
d. For a New Full-Time Job that is created by
							virtue of an out-of-state business relocating a business unit or units to the
							State, an increase up to $5,000 per year;
e. For the creation of a significant number
							of New Full-Time Jobs prior to the receipt of any Tax Credits, an increase
							pursuant to the following schedule:
(1) For 50
							to 100 New Full-Time Jobs, an increase of up to $3,000 per year;
(2) For 101 to 249 New Full-Time Jobs, an
							increase of up to $4,000 per year;
(3) For 250 or more New Full-Time Jobs, an
							increase up to $5,000 per year;
f. For a New Full-Time Job located in a
							Transit Oriented Development Area, an increase of $1,000 per year, provided
							that if the New-Full Time Job is located within one-half of one mile of T.F.
							Green Airport, Quonset Business Park, or a passenger rail station, an increase
							of up to $4,000 per year;
g. For an
							Applicant that creates 25 or more New Full-Time Jobs at a location where the
							Applicant has made a Capital Investment of $5,000,000 or more in connection
							with the creation of New Full-Time Jobs at that location, the total Tax Credit
							amount per New Full-Time Job created at the location shall be increased by
							$1,000 per year for each $5,000,000 in Capital Investment made by the
							Applicant;
h. For new Full-Time
							Jobs created on land that, as of July 1, 2015, was owned by the I-195
							Redevelopment District Commission, an increase of up to $5,000 per
							year;
i. For new New Full-Time Jobs
							that align with the academic mission of a college or university in the State,
							an increase of $2,5000 per job; such alignment can be shown by, for example, a
							technology transfer from the college or university to the business; funding
							scholarships or facilities or experiential learning opportunities; or hiring a
							significant number of school graduates;
j. For New Full-Time Jobs created in
							Scientific Research and Development or Industrial Design, an increase of $5,000
							per job.