Rhode Island Tax Incentives
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Rhode Island Tax Incentives
Page Contents
- Adaptive Telephone Equipment Loan
- Economic Development Corporation
- Free Technology Demonstrations
- I-195 Redevelopment Fund
- Job Creation Guaranty Program
- Job Training Tax Credit
- Job Training Tax Credit Apprenticeships
- Microsoft Accessibility Resource Center
- New Employment Tax Incentive
- Qualified Jobs Incentive Tax Credit
- Rebuild Rhode Island Tax Credit
- Rhode Island Assistive Technology Access Partnership
- Small Business Loan Fund
- Workforce Development
- Workforce Development Unit
Adaptive Telephone Equipment Loan
The Rhode Island Adaptive Telephone Equipment Loan Program provides demonstrations, training and long term loan and device reutilization services of specialized telephone equipment to qualified individuals who are Deaf, Hard of Hearing, have a speech impairment, or who suffer from neuromuscular damage or disease, that hinders them from using a standard telephone.
Adaptive Telephone Equipment Loan Program Brochure PDF
Adaptive Telephone Equipment Loan Program Application PDF
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.
Free Technology Demonstrations
These free technology demonstrations offer an opportunity to preview technology in an adapted computer lab. Equipment available for demonstration includes: tablets, reading accommodations, communication and alternate access. These sessions are designed for demonstration and trial use only and are not individual evaluation sessions.
I-195 Redevelopment Fund
Adjacent to Providence’s vibrant downtown, world-renowned universities and cutting-edge medical centers, the I-195 Redevelopment District offers an unparalleled development opportunity. The $25-million I-195 Redevelopment Fund has been created to finance projects that have the potential to catalyze development in the district.
Proceeds from this fund can be instrumental in creating more employment opportunities for job seekers living in this area, including those who have with disabilities.
Job Creation Guaranty Program
The Job Creation Guaranty Program provides greater access to capital and credit for growth-oriented businesses looking to expand or relocate in Rhode Island. Under the program, the Rhode Island Economic Development Corporation is authorized to guarantee loans by private lenders or guarantee certain bond obligations for the benefit of businesses in primarily technology and innovation-driven industries that can create permanent, high-paying, full-time jobs in the state and continue to expand Rhode Island’s knowledge economy.
Funding from this program can be used to create permanent, high-paying jobs for qualified workers with disabilities in Rhode Island’s technology industries.
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 DOC
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.
Microsoft Accessibility Resource Center
A Microsoft Accessibility Resource Center provides expert consultation on assistive technology and accessibility features built into Microsoft products. Their specialists understand how disabilities impact computer users and are trained to evaluate the needs of the person with the disability. Some centers offer computer training and many organizations have lending libraries, so a consumer can try a product before purchasing it.
New Employment Tax Incentive
The New Employment Tax Incentive is an incentive in the form of a deduction or modification that is available to businesses who hire employees who are Rhode Island residents and who have been "unemployed" as defined in Paragraph III, Section 2 of this regulation. Once each employee has been employed by the business for a minimum of 52 consecutive calendar weeks, has a minimum of 1,820 hours of paid employment and is certified by the Department of Labor and Training, the business shall be entitled to claim this incentive.
New Employment Tax Incentive Instructions PDF
New Employment Tax Incentive Application PDF
Qualified Jobs Incentive Tax Credit
Companies expanding their workforce in Rhode Island or relocating jobs from out of state can receive annual, redeemable tax credits for up to 10 years with the Qualified Jobs Incentive program. Credits can equal up to $7,500 per job per year, depending on the wage level and other criteria. The minimum number of new jobs needed to qualify varies by industry and company size, but can be as few as 10 jobs. The first 500 jobs approved under the program will receive the maximum credit available.
The workforce expansion brought about by this tax incentive can lead to more employment opportunities for workers with disabilities.
Qualified Jobs Incentive Tax Credit Application PDF
Rebuild Rhode Island Tax Credit
If a real estate project cannot raise sufficient funding, or is at risk of locating to another state, Rebuild Rhode Island can fill the financing gap with redeemable tax credits covering up to 20% – and, in some cases, 30% – of projects costs. Commercial office, industrial, residential, mixed use development, ground-up construction and historic rehab can qualify. A minimum project cost of $5 million and certain square footage/project size minimums may apply. Approved projects can also be exempted from sales tax on construction materials, furnishings and equipment.
An ADA compliant building can be constructed with assistance from this tax provision.
Rebuild Rhode Island Tax Credit Application PDF
Rhode Island Assistive Technology Access Partnership
The Rhode Island Assistive Technology Access Partnership is designed as a statewide partnership of organizations, each with a targeted assistive technology focus, working together to improve access to and acquisition of assistive technology for individuals with disabilities.
Small Business Loan Fund
For smaller businesses looking for a direct, fully secured loan, the Small Business Loan Fund Corporation provides up to $250,000 for working capital to existing manufacturing, processing and selected services. Additionally, manufacturers seeking financing to be used for the acquisition of land, buildings, and equipment may qualify for loans in excess of $250,000. Interest rates are fixed. The repayment terms are flexible, with up to 5 years for working capital and up to 10 years for hard asset financing. For each $50,000 in funds lent, there should be the creation of a minimum of one job.
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 Services Division is the single point of contact in Rhode Island for employment, workforce information and education and training services. Workforce Development Services oversees all programs that guide jobseekers to suitable employment and facilitates the connection between employers and qualified workers.
Workforce Development Unit
People with disabilities are an untapped source of talented, reliable and hard-working employees. Hundreds of Rhode Island businesses have enriched their workforces by hiring people with disabilities.
The Workforce Development staff works closely with private-sector businesses, business groups and industry organizations to understand and address their current and future workforce needs.
Rhodes to Success Employment Brochure PDF
