R.I. granted $25M in tax credits and other incentives in FY2014

A total of more than $14.8 million in Rhode Island tax credits were granted in fiscal year 2014, according to the recently published Tax Credit and Incentive Report. More

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R.I. granted $25M in tax credits and other incentives in FY2014

COURTESY WOODHAVEN PRODUCTIONS
THE 2012 PRODUCTION OF THE FILM "Self Storage" received $37,678.25 in Motion Picture Production Tax Credits in fiscal 2014, according to the latest report from the R.I. Division of Taxation. All told, nearly $25 million in tax credits and other incentives were awarded by the state in fiscal 2014. Shown on location in East Greenwich are, from left, Eric Roberts, Michael Berryman and Tom DeNucci.
Posted 8/22/14

PROVIDENCE – A total of nearly $14.9 million in Rhode Island tax credits were granted in fiscal year 2014, according to the recently published Tax Credit and Incentive Report. An additional $10 million in incentives were granted through other programs as well, said the state.

Leading the way once again, with $9.9 million in credits, was CVS Caremark Corp., which took advantage of the R.I. Economic Development Corporation’s Project Status, and Jobs Development Act for the year. The only other company to gain more than $1 million in credits was General Dynamics Electric Boat, which received credits valued at $1.5 million from the same two programs.

The report, put out by the R.I. Division of Taxation on Aug. 15, covers the R.I. EDC Project Status, Incentive for Innovation and Growth, Jobs Development Act, Distressed Areas Economic Revitalization Act – Enterprise Zones, Mill Building and Economic Revitalization Act, Motion Picture Production Tax Credits and the Historic Preservation Tax Credits programs.

In addition, the report published other incentives received by those companies that had taken advantage of the seven programs listed. Three companies, CVS, Electric Boat and Fidelity Investments split $10 million more in investment, jobs training and rent credits.

R.I. Tax Administrator David M. Sullivan noted in the report that since 2008, more than 320 entities have received a total of more than $210 million in tax credits and incentives from the state.

Recipients listed in descending amount of the tax credits and other incentives received for fiscal 2014 (identified by parent company):

  • CVS Caremark Corp., $15,023,067.16

  • Fidelity Investments, $3,610,248.31

  • General Dynamics Electric Boat, $3,234,741.58

  • FM Global, $700,000

  • IPB LLC, $596,979.44

  • Backmask LLC, $442,074.39

  • God Only Knows Inc., $334,964.63

  • United Natural Foods Inc., $246,502

  • The Institute Rhode Island LLC, $244,501.99

  • Citizens Bank, $120,203

  • WaterRower Inc., $108,451

  • AAA Southern New England, $69,536

  • Army of the Damned LLC, $62,376.13

  • Perot Systems Corp., $51,557.37

  • Self Storage LLC, $37,678.25

  • Gingko Leaf Productions Inc., $9,649.63

  • Rite Solutions Inc., $7,950

  • Ronstan International Inc., $2,500

  • Child Care Connection (The Children’s Workshop), $237

The report covering the annual state tax credits and incentives for fiscal year 2014 is online at: www.tax.ri.gov.

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