Rep. Shekarchi’s jobs incentive program now available to local businesses
STATE HOUSE – After three long years of championing the cause, House Labor Committee Chairman K. Joseph Shekarchi’s Qualified Jobs Incentive Program is now available to Rhode Island businesses looking to apply to the program that exchanges tax credits for adding much needed jobs to the Rhode Island economy.
“My number one priority since coming to the State House has been to get my fellow Rhode Islanders back to work. Today, I’m proud to say that this program will accomplish just that, bringing the jobs that Rhode Islanders want and need back to our table,” said Representative Shekarchi (D-Dist. 23, Warwick). “I’d like to thank my colleagues in the General Assembly and Governor Raimondo for supporting this program and making it a reality for the struggling workers and businesses across this state. The Great Recession hit us harder than most, but, with programs like this, I am confident that the Rhode Island economy will bounce back, stronger than ever,” added Representative Shekarchi.
The Qualified Jobs Incentive Program, birthed from legislation (2015-H 5116) sponsored by Representative Skekarchi and included in the FY 2016 state budget, encourages new job creation through both business attraction and growth. This incentive provides a base tax credit for companies relocating to the state and creating a minimum numbers of new jobs and for current Rhode Island companies growing their in-state workforce by a threshold percentage. The annual base tax credit is $2,500 for each new full-time job created, with possible add-ons of up to $5,000 per job if specific criteria are met. The first 500 jobs approved under the program will receive the maximum credit allowed.
Companies will find a program summary, the full rules and regulations, the application, and a contact on the Commerce Corporation’s website. Potential applicants for this program are encouraged to contact the Commerce Corporation’s Business Development team at (401) 278-9100 or business.development@commerceri.com.