Rhode Island General Laws (RIGL) require the Division of Taxation to annually report a recipient’s name, address and amount of tax incentives received during the previous fiscal year in the following categories:
Rhode Island Economic Development Corporation Project Status (RIGL § 42-64-10);
Incentive for Innovation and Growth (RIGL § 44-63-3);
Jobs Development Act (RIGL § 42-64.5);
Distressed Areas Economic Revitalization Act – Enterprise Zones (RIGL § 42-64.3);
Motion Picture Production Tax Credit (RIGL § 44-31.2); and
Mill Building and Economic Revitalization Act (RIGL § 42-64.9).1
The attached report also summarizes the amounts of tax credits and bonds, grants, loans, loan guarantees, matching funds or tax credits received by entities during Fiscal Year 2012 (July 1, 2011 through June 30, 2012).
This attached report merely summarizes the amount of tax credit received along with other incentives received for each project entity during Fiscal Year 2012. This report is not intended to provide an analysis as to the effectiveness of this or any other tax credit or incentive.
By law, businesses are required to submit the information, under penalties of perjury, to the Division of Taxation, which then verifies and compiles the data and publishes it in a report, which the agency makes available on its website, www.tax.ri.gov.
A total of 39 businesses received more than $34.4 million in state tax incentives for the year ended June 30, according to the attached report published on August 15, 2012.
The Annual Tax Credit Disclosure Report focuses on six tax incentives that were created to help spur job creation and economic development – including sales tax exemptions, corporate tax rate reductions, and motion picture production tax credits.
Since 2008, more than 300 businesses have received a cumulative total of $178 million in Rhode Island tax credits and incentives.
David M. Sullivan
Tax Administrator
1
Tax Credit and Incentive Number of Taxpayers Total Amount of Credit
RI EDC Project Status – RIGL 42-64-10
7 $5,957,014.67
Incentives for Innovation and Growth – RIGL 44-63
0 $0.00
Jobs Development Act – RIGL 42-64.5
8 $16,394,619.00
Distressed Areas Economic
Revitalization Act – Enterprise Zones - RIGL 42-64.3
20 $701,935.63
Mill Building and Economic Revitalization Act –
RIGL 42-64.9
- - Repealed August 8, 2009 - -
0 $0.00
Motion Picture Production Tax Credits – RIGL 44-31.2
4 $11,430,989.00
FYE 2012 Tax Credits and Incentives
Rhode Island Economic Development Corporation Project Status – RIGL 42-64-10
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Chapel Associates LLC... 320 Newport Avenue
Rumford, RI
$ 80,688.29
CVS Pharmacy Inc... One CVS Drive
Woonsocket, RI 02895
$ 4,877,158.34
Factory Mutual Insurance Company ...………. 270 Central Avenue
Johnston, RI 02919
$ 350,000.00
FMR LLC... 82 Devonshire Street - #F3B
Boston, MA 02109
$ 304,782.77
G-Tech Corporation... 10 Memorial Boulevard
Providence, RI 02903
$ 219,928.48
HTP-Meds LLC... 185 South Broad Street
Pawcatuck, CT 06379
$ 38,577.40
United Natural Foods... Iron Horse Way
Providence, RI 02903
$ 85,879.39
Incentives for Innovation and Growth – RIGL 44-63-3
There were no credits issued under this chapter during the fiscal year.
Jobs Development Act – RIGL 42-64.5
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AAA Southern New England and Subsidiaries... 110 Royal Little Drive
Providence, RI 02904
$ 99,066.00
AAA Southern New England Bank... 110 Royal Little Drive
Providence, RI 02904
$ 9,046.00
CCO Investment Services Corp... 1 Citizens Drive, RSD 260
Riverside, RI 02915
$ 87,554.00
Citizens Leasing Corporation... 1 Citizens Drive, RSD 260
Riverside, RI 02915
$ 32,848.00
CVS Pharmacy, Inc... One CVS Drive
Woonsocket, RI 02895
$ 15,446,563.00
Electric Boat Corporation...……….... 75 Eastern Point Road
Groton, CT 06340
$ 602,160.00
RITE Solutions, Inc... 110 W Broad Street – 1st floor
Pawcatuck, CT 06379
$ 8,403.00
United Natural Foods, Inc... 313 Iron Horse Way
Providence, RI 02908
$ 108,979.00
Distressed Areas Economic Revitalization Act – Enterprise Zones – RIGL 42-64.3
Advance Stores Company, Inc... 5008 Airport Road
Roanoke, VA 24012
$ 10,000.00
Advertising Ventures, Inc dba (add)ventures... 117 Chapman Street
Providence, RI 02905
$ 7,500.00
Bio Process H20 LLC... 45 High Point Avenue
Portsmouth, RI 02871
$ 4,973.00
Diversified Technologies LLC... 128 Singleton Street
Woonsocket, RI 02895
$ 5,000.00
Hope Global, sub of NFA Corp... 830 Boylston Street – Suite 209
Chestnut Hill, MA 02467
$ 52,197.00
Jade Engineered Plastics, Inc... PO Box 28
Bristol, RI 02809
$ 69,996.00
Marra Meal Services, Inc... PO Box 69
East Greenwich, RI 02818
$ 44,569.00
Monarch Metal Finishing Co... 189 Georgia Avenue
Providence, RI 02905
$ 85,130.00
National Land Surveyors-Developers, Inc... 42 Hamlet Avenue
Woonsocket, RI 02895
Distressed Areas Economic Revitalization Act – Enterprise Zones – RIGL 42-64.3
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Summer Infant (USA), Inc... 1275 Park East Drive
Woonsocket, RI 02895
$ 104,240.00
TD Bank, N. A... 2 Portland Square, PO Box 9540
Portland, ME 04112-9540
$ 25,233.00
The Allied Group, Inc... 25 Amflex Drive
Cranston, RI 02921
$ 12,500.00
Tom’s Market Inc... 137 Child Street
Warren, RI 02885
$ 32,500.00
Travers Plumbing & Heating, Inc... 665 Fish Road
Tiverton, RI 02878
$ 9,665.00
Umicore USA Inc dba Umicore Thin Film Products... 50 Sims Avenue
Providence, RI 02909
$ 84,735.63
United Natural Foods, Inc... 313 Iron Horse Way
Providence, RI 02908
$ 82,500.00
Water Rower Inc... 560 Metacom Avenue
Warren, RI 02885
$ 22,854.00
Weingeroff Enterprises Inc... One Weingeroff Boulevard
Cranston, RI 02910
$ 30,843.00
Motion Picture Production Tax Credits – RIGL 44-31.2
Aloris Entertainment LLC... 15 Higgins Street - #304
Smithfield, RI 02917
$ 260,780.00
Ginkgo Leaf Productions, Inc... 3941 Main Road
Tiverton, RI 02878
$ 198,056.00
Moonrise LLC... c/o Indian Paintbrush Productions LLC
1660 Euclid Street Santa Monica, CA 90404
$ 2,872,945.00
Paige Productions, Inc... 2300 W. Riverside Drive, MC4242
Burbank, CA 91521
$ 8,099,208.00
Total for Motion Picture Production Tax Credits... $ 11,430,989.00
Additional Incentives Received - If an entity receives any of the six preceding credits or incentives being reported, it must also disclose any additional credits or incentives it received from any state governmental agency, state agency or public agency.
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AAA Southern New England & Subsidiaries – Jobs Development Act Investment Tax Credit - $34,562.00
Jobs Training - $109,652.00
Advertising Ventures, Inc. dba (add) ventures – Enterprise Zones
Tax Credits for Contributions to Scholarship Organizations - $5,400.00
CVS Pharmacy – Jobs Development Act and Project Status Daycare Credit - $17,010.00
Investment Tax Credit - $4,299,225.00 Jobs Training Credit - $35,941.00
Tax Credits for Contributions to Scholarship Organizations - $83,250.00
FMR LLC – Project Status
Jobs Rent Credit - $2,828,776.00
Jade Engineered Plastics – Enterprise Zones Investment Tax Credit - $20,678.00 R&D Expense Credit - $13,991.00
Summer Infant (USA), Inc – Enterprise Zones R&D Expense Credit - $25,689.00
The Allied Group – Enterprise Zones Investment Tax Credit - $4,771.00
