PROVIDENCE – Fifty-nine businesses received $22.7 million in state tax incentives for the year ended June 30, the R.I. Department of Revenue said in a report released late Monday.
The six tax incentive categories include:
- The R.I. Economic Development Corporation Project Status, $5.16 million.
- Incentives for Innovation and Growth, $200,000.
- Jobs Development Act, $14.08 million.
- Distressed Areas Economic Revitalization Act – Enterprise Zones, $875,575.
- Motion Picture Production Tax Credit, $2.36 million.
- Mill Building and Economic Revitalization Act, $0.
Of the total $22.7 million, the single largest amount – $14.1 million – was claimed by 11 businesses under the Jobs Development Act, which generally allows a business to pay tax at a lower rate if it creates and maintains a certain number of jobs, the department said.
CVS Pharmacy Corp. received the lion’s share, $4.33 million, of the money distributed under the R.I. EDC’s Project Status program as well as the largest sum under the Jobs Development Act, $13.44 million. The smallest amount received under the jobs development incentive was $285, which went to Inquest Technologies Inc.
The only two companies to receive the Incentive for Innovation and Growth – to the tune of $100,000 each – were MoFuse, a Providence-based company that builds and manages websites designed for mobile devices, and Phoenix Medical Technologies.
Thirty-eight companies shared the $875,575 under the Distressed Areas Economic Revitalization Act – Enterprise Zones.
Since 2008, more than 300 businesses have received $144 million in Rhode Island tax credits and incentives, the Department of Revenue said.
The full report is available here.
