Are You in the Zone? Your Business May Qualify for this R.I. Tax Incentive

An Enterprise Zone is a specific geographic location in which the State and Town target programs to aid business expansion and job creation.  The State of Rhode Island Enterprise Zone Program is designed to offer tax incentives to businesses that expand their workforce at facilities located in one of the state enterprise zones:

Cranston
Central Falls/Lincoln
East Providence
Pawtucket/Lincoln
Providence
Portsmouth/Tiverton
Warren/Bristol
West Warwick
Woonsocket/Cumberland

How does a business qualify?
A business must submit an application for admission to the Community Enterprise Zone Coordinator who will certify your location in the zone.  This must be done prior to hiring the new employee.

Any business located in a state enterprise zone that grows its employment base by 5% with full time Rhode Island residents may be eligible for the tax credit.  The employee must be hired during the application year and still be employed as of December 31st.  The tax credit is equal to 50% of the annual wages paid new employees to a maximum of $2,500 per employee.  If new employees reside in an enterprise zone, then the tax credit is euqal to 75% of the annual wages paid up to a maximum of $5,000 per employee.  Credits that are earned and unused may be carried forward for a period of three years.  To learn more, visit the R.I. Economic Development Corporation website  R.I. Economic Development Corporation