State Enterprise Zones
Any business with a certified business facility within a state-designated Enterprise Zone or a Federally-designated Enterprise Community in Rhode Island may qualify for the following incentivs:
- Enterprise Zone Business Tax Credit: Firms that locate in a state-designed enterprise zone and increase employment at registered enterprise zone locations by at least 5 percent annually may be eligble for a state business tax credit equal to 75% of the total wages paid to employees living in an enterprise zone or 50% of wages paid to workers not living in an enterprise zone. The maximum credit is $5,000 per enterprise zone resident employees and $2,500 for other enterprise zone employees. All new hires must be Rhode Island residents and the jobs must be classified as full-time. Earned but unused enterprise zone credits may be carried forward for up to three (3) years.
For More Information Follow These Web Links
- RI General Law: http://www.rilin.state.ri.us/Statutes/TITLE42/42-64.3/INDEX.HTM
- RIEDC: RIEDC - Enterprise Zones - Application & Certification