PROVIDENCE – Gov. Lincoln D. Chafee Wednesday signed legislation to create an additional enterprise zone in Pawtucket, providing tax incentives to companies in the zone for hiring local workers.
The zone applies retroactively to Jan. 1, 2013.
The expanded enterprise zone was a key lure in bringing Tunstall Americas, a health care communications provider and division of British-based Tunstall Healthcare Group, to Pawtucket. The company struck a deal last year to establish a call center at 100 Freight St. In exchange for a promise of 250 new jobs, Tunstall received local property tax incentives, state-worker training and the state corporate income tax credits that come with the enterprise zone.
“Getting Tunstall is certainly a home run for Pawtucket,” said R.I. Rep. Elaine A. Coderre, who sponsored the legislation, in a statement.
Chafee had proposed eliminating the enterprise zone tax credit in the budget plan he introduced at his State of the State address in January.
Under the enterprise zone program, businesses can earn a tax credit of up to $2,500 per employee if they expand their employee base by 5 percent. The credit doubles to $5,000 if the employee lives in the enterprise zone.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
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