PROVIDENCE – The state’s Rebuild Rhode Island tax credit program recently exceeded the $100 million mark with last month’s award to Rubius Therapeutics Inc.
The Cambridge, Mass.-based biotechnology firm has pledged to invest up to $155 million to renovate and move into a vacant manufacturing facility in Smithfield.
R.I. Commerce Corp., the state’s economic-development agency, awarded Rubius $2.75 million worth of tax credits as part of its incentives package from the state to open the facility and bring jobs to Rhode Island.
Overall, more than $102 million in tax credits has been awarded in recent years to 32 different companies. The program is for businesses that open new facilities in Rhode Island or that renovate or expand existing facilities here.
Under the program, tax credits are paid out over a five-year period once a building gets a certificate of occupancy.
Industries targeted by the program include biomedical innovation, information technology and software, data analysis, and defense shipbuilding and maritime.
R.I. Secretary of Commerce Stefan Pryor said Rebuild Rhode Island is a key part of the state’s “toolbox of incentives” to draw more businesses here.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
