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);
Mill Building and Economic Revitalization Act (RIGL § 42-64.9)1;
Motion Picture Production Tax Credits (RIGL § 44-31.2); and
Historic Preservation Tax Credits 2013 (RIGL § 44-33.6-9).
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 2014 (July 1, 2013 through June 30, 2014).
This attached report merely summarizes the amount of tax credit received along with other incentives received for each project entity during Fiscal Year 2014. 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 23 businesses received more than $14.8 million in state tax incentives for the year ended June 30, according to the attached report published on August 15, 2014.
The Annual Tax Credit Disclosure Report focuses on seven tax incentives that were created to help spur job creation and economic development – including sales tax exemptions, corporate tax rate reductions, motion picture production tax credits, and historic preservation tax credits.
Since 2008, more than 320 businesses have received a cumulative total of more than $210 million in Rhode Island tax credits and incentives.
David M. Sullivan
Tax Administrator
Tax Credit and Incentive Number of Taxpayers Total Amount of Credit
RI EDC Project Status – RIGL 42-64-10
5 $5,436,964.42
Incentives for Innovation and Growth – RIGL 44-63
0 $0.00
Jobs Development Act – RIGL 42-64.5
7 $7,520,261.00
Distressed Areas Economic
Revitalization Act – Enterprise Zones - RIGL 42-64.3
4 $191,188.00
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- - Repealed August 8, 2009 - -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
Rhode Island Economic Development Corporation Project Status – RIGL 42-64-10
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CVS Pharmacy Inc... One CVS Drive
Woonsocket, RI 02895
$ 3,412,606.16
Electric Boat Corporation...……….... 75 Eastern Point Road
Groton, CT 06340
$ 846,578.58
Factory Mutual Insurance Company...………. PO Box 7500
Johnston, RI 02919
$ 700,000.00
FMR LLC……… 82 Devonshire Street, F3B
Boston, MA 02109
$ 426,222.31
Perot Systems Corporation... PO Box 269005
Plano, TX 75026
$ 51,557.37
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
$ 52,344.00
AAA Southern New England Bank... 110 Royal Little Drive
Providence, RI 02904
$ 17,192.00
CCO Investment Services Corp... 1 Citizens Drive, RSD 260
Riverside, RI 02915
$ 120,203.00
CVS Pharmacy, Inc... One CVS Drive
Woonsocket, RI 02895
$ 6,531,781.00
Electric Boat Corporation...……….... 75 Eastern Point Road
Groton, CT 06340
$ 624,289.00
RITE Solutions, Inc... 110 W Broad Street – 1st floor
Pawcatuck, CT 06379
$ 7,950.00
United Natural Foods, Inc... 313 Iron Horse Way
Providence, RI 02908
$ 166,502.00
Distressed Areas Economic Revitalization Act – Enterprise Zones – RIGL 42-64.3
Child Care Connection, Inc dba The Children’s Workshop………... 45 Industrial Road, Suite 100
Cumberland, RI 02864
$ 237.00
Ronstan International, Inc………... 45 High Point Avenue
Portsmouth, RI 02871
$ 2,500.00
United Natural Foods, Inc... 313 Iron Horse Way
Providence, RI 02908
$ 80,000.00
WaterRower, Inc………... 560 Metacom Avenue
Warren, RI 02885
$ 108,451.00
Motion Picture Production Tax Credits – RIGL 44-31.2
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Army of the Damned, LLC... 214 Main Street
East Greenwich, RI 02818
$ 62,376.13
Backmask LLC... 155 Chestnut Street
Providence, RI 02903
$ 442,074.39
Ginkgo Leaf Productions, Inc……… 3941 Main Road
Tiverton, RI 02878
$ 9,649.63
God Only Knows, Inc...………... 270 Bellevue Avenue
Newport, RI 02840
$ 334,964.63
IPB, LLC... 199 2nd Avenue, #2
New York, NY 10003
$ 596,979.44
Self Storage, LLC……….. 214 Main Street
East Greenwich, RI 02818
$ 37,678.25
The Institute Rhode Island, LLC………... 127 Dorrance Street – 2nd floor
Providence, RI 02903
$ 244,501.99
Historic Preservation Tax Credits 2013 – RIGL 44-33.6-9
There were no credits issued under this chapter during the fiscal year.
Additional Incentives Received - If an entity receives any of the seven 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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CVS Pharmacy – Project Status and Jobs Development Act
Investment Tax Credit - $4,938,976.00
Jobs Training Credit - $139,704.00
Electric Boat – Project Status and Jobs Development Act
Investment Tax Credit - $840,365.00
Jobs Training Tax Credit - $923,509.00
FMR LLC – Project Status
