The state’s Jobs Development Act program has consistently lost money over the years but lawmakers have resisted making any substantive changes to the tax breaks companies get for creating jobs.
Last year the R.I. Office of Revenue Analysis recommended eliminating the program, which has been closed to new applicants since 2015.
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This year, the office in a new analysis of results from 2019 and 2021 did not recommend elimination but did suggest some retooling. That includes limiting the amount of time companies can claim the tax rate reduction.
Since 2013, the tax savings for Citizens Financial Group Inc. has totaled $108.7 million and for CVS Health Corp. $59.2 million.
But supporters say the benefits of the program go beyond direct revenue comparisons because it helps keep large employers in the Ocean State.
