Rhode Island Tax Incentives
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Rhode Island Tax Incentives
Page Contents
- Disability Business Enterprises
- Economic Development Corporation
- Enterprise Zones
- Financial Programs
- Job Training Tax Credit
- Job Training Tax Credit Apprenticeships
- New Employment Tax Credit
- Small Business Loan Fund
- Workforce Development
Disability Business Enterprises
Disability Business Enterprises program that supports the participation of small disadvantaged businesses owned and controlled by persons with disabilities, businesses where 75% of the employees are persons with disabilities, and non-profit rehabilitation facilities in state funded or directed public construction, projects, and in the state's purchases of goods and services.
Economic Development Corporation
The mission of the Rhode Island Economic Development Corporation is to create jobs, help companies expand and develop their workforce, and identify opportunities to bring new companies into Rhode Island.
Enterprise Zones
This web site gives information on the financial advantages of having a business in one of Rhode Island's Enterprise Zones. Any business located in an enterprise zone that grows its employment base by 5% with full-time Rhode Island residents may be eligible for the Rhode Island Enterprise Zone Business Tax Credit. The tax credit is equal to 50% of the annual wages paid to new employees to a maximum of $2,500 per employee. If new employees reside in an enterprise zone then the tax credit is equal to 75% of the annual wages paid to those new employees to a maximum credit of $5,000 per employee.
Very often, people with disabilities live in urban areas that are depressed and in need of revitalization. Hiring disabled individuals from these zones would reverse the unemployment trend among this population and give their neighborhoods a must needed lift.
Information on the application and certification processes for the Enterprise Zone program.
Rhode Island Enterprise Zone Membership Application PDF
Financial Programs
This is a financial center for businesses that will provide access to financing options through a variety of programs. Capital raised from these ventures can be used to purchase a wheelchair accessible building or renovate an existing work site making it more accommodating to employees with disabilities.
Rhode Island Business Incentives And Tax Credits Guide PDF
Job Training Tax Credit
With the Job Training Tax Credit companies are eligible for a tax credit of 50 percent of actual training expenses for new and current employees, up to $5,000 per employee, over three years, for their investments in retraining or upgrading the skills of their employees.
The employees who receive this training can be individuals with disabilities. As a group, people with disabilities tend not to have the skills required for employment. Often, job training or a skills upgrade is needed for someone with a disability to find and maintain a job.
Rhode Island Job Training Tax Credit Application Word document
Rhode Island Job Training Tax Credit Regulations PDF
Job Training Tax Credit – Apprenticeships
Employers that hire an apprentice as a machine toolmaker, machinist, model-maker, gage maker, pattern-maker, plastic process technician, tool and machine setter, die-sinker, mold-maker, tool & die maker, and similar occupations may be eligible for a tax credit of 50 percent of actual wages or $4,800, whichever is less. The apprentice must be enrolled in a registered qualified program through the Rhode Island Department of Labor and Training's State Apprenticeship Council.
Additional information on Apprenticeships programs in Rhode Island.
The person hired as the apprentice could be someone with a disability who needs specialized on-the-job training to obtain employment.
New Employment Tax Credit
The purpose of New Employment Tax Credit is to promote the hiring of long term unemployed workers. For a business to qualify for this tax credit, the new hires have to have been unemployed for 26 weeks or more and received Unemployment Insurance benefits or public assistance for one year prior to the date of hire.
Being unemployed and receiving public assistance are frequent occurrences among people with disabilities. This tax credit can serve as an incentive for businesses to hire job seekers from this population and help put an end to these trends.
Small Business Loan Fund
For smaller businesses looking for a direct, fully-secured loan, the Small Business Loan Fund provides up to $500,000 for manufacturing businesses and $250,000 for non-manufacturing businesses. The program funds average 25 percent of the total project cost and can be used for acquisition and improvements of land, buildings and equipment, new construction, and working capital. Interest rates are fixed. The repayment terms are also flexible, with up to 10 years.
Capital from the loan fund can be used to purchase a wheelchair accessible building or renovate an existing worksite making it more accommodating to employees with disabilities.
Workforce Development
The Workforce Development site has information on grant programs and tax credits available to Rhode Island businesses to train, retrain or upgrade the skills of their workforce.
These programs can be used as a financial incentive for businesses to hire and train people with disabilities, who very often don't have the skills needed to obtain and keep competitive employment.
Rhode Island Job Creation Grant Application PDF
Job Creation Grant Guidelines PDF
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