PROVIDENCE – Tax credits and incentives under the state’s Jobs Development Act, Historic Preservation Tax Credits and Motion Picture Production Tax Credits totaled $32.2 million in fiscal 2020, according to the R.I. Division of Taxation.
There were $19.5 million in credits and incentives granted through the Jobs Development Act in fiscal 2020.
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Citizens Bank N.A. was the largest recipient of credits and incentives under the JDA, receiving $18 million. The next-largest recipient was CVS Pharmacy Inc. at $1.4 million. Citizens Financial Group Inc., the parent company of Citizens Bank, also received $135,593 under the JDA. Rite Solutions Inc. received $6,083 in incentives under the JDA.
Historic Preservation Tax Credits totaled $12.4 million in fiscal 2020.
Recipients included:
- Tourister Mill LLC: $5 million
- Lyman Lofts Developer LLC: $3.2 million
- Union Mill LLC: $2.3 million
- Parish House LLC: $730,000
- Broadway Tobey LLC: $412,500
The Division of Taxation said that since 2014, the Historic Preservation Tax Credit program’s qualified rehabilitation expenditures have totaled $241.2 million. The projects have created a total of 2,964 jobs, and resulted in $79 million in cost of materials for projects purchased from Rhode Island businesses. There have also been 1,269 Rhode Island businesses retained for work on related projects.
The report also disclosed that there were $361,796 in Motion Picture Production Tax Credits for the year, split between two entities, $281,285.36 to IndieWhip LLC and $80,511.08 to Barks Movie LLC.
