Section 870-RICR-30-00-4.13 - Determination of Tax Credit AmountA. The amount of the Tax Credit allowed for each New Full-Time Job shall be determined as set forth in this Rule.1. For an Applicant for whom the Board approves Tax Credits prior to the Board approving Tax Credits for a cumulative total of 500 New Full-Time Jobs, the annual amount of the Tax Credit for said Applicant for each New Full-Time Job shall be $7,500; otherwise, the annual base amount of the Tax Credit for each New Full-Time Job shall be $2,500 and may be increased by the amount indicated, up to an additional $5,000, if any of the following priority criteria, or other criteria determined by the Corporation from time-to-time in response to evolving economic or market conditions, are met:a. For a Business with New Full-Time Jobs with a median salary in excess of 110 percent of the existing median hourly wage as reported by the United State Bureau of Labor Statistics for the State, an increase of $300 per year for each ten percent by which the median salary levels exceeds the existing median hourly wage;b. For a New Full-Time Job in a Targeted Industry, an increase of up to $5,000 per year;c. For a New Full-Time Job located within a Hope Community, an increase of $1,000 per year;d. For a New Full-Time Job that is created by virtue of an out-of-state business relocating a business unit or units to the State, an increase up to $5,000 per year;e. For the creation of a significant number of New Full-Time Jobs prior to the receipt of any Tax Credits, an increase pursuant to the following schedule:(1) For 50 to 100 New Full-Time Jobs, an increase of up to $3,000 per year;(2) For 101 to 249 New Full-Time Jobs, an increase of up to $4,000 per year;(3) For 250 or more New Full-Time Jobs, an increase up to $5,000 per year;f. For a New Full-Time Job located in a Transit Oriented Development Area, an increase of $1,000 per year, provided that if the New-Full Time Job is located within one-half of one mile of T.F. Green Airport, Quonset Business Park, or a passenger rail station, an increase of up to $4,000 per year;g. For an Applicant that creates 25 or more New Full-Time Jobs at a location where the Applicant has made a Capital Investment of $5,000,000 or more in connection with the creation of New Full-Time Jobs at that location, the total Tax Credit amount per New Full-Time Job created at the location shall be increased by $1,000 per year for each $5,000,000 in Capital Investment made by the Applicant;h. For new Full-Time Jobs created on land that, as of July 1, 2015, was owned by the I-195 Redevelopment District Commission, an increase of up to $5,000 per year;i. For new New Full-Time Jobs that align with the academic mission of a college or university in the State, an increase of $2,5000 per job; such alignment can be shown by, for example, a technology transfer from the college or university to the business; funding scholarships or facilities or experiential learning opportunities; or hiring a significant number of school graduates;j. For New Full-Time Jobs created in Scientific Research and Development or Industrial Design, an increase of $5,000 per job.B. Notwithstanding any other provision of these Rules, the total Tax Credit amount shall be calculated and credited to the Applicant annually for each year of the Eligibility Period after the Corporation, in consultation with the Tax Division, has verified that the amount of Tax Credits available to be obtained by the Applicant for any year shall not exceed the reasonable W-2 withholding received by the State in that year for each new Full-Time Job created by the Applicant.C. The Board shall retain the discretion to determine that the Applicant shall receive credits in a number or amount less than the amounts prescribed pursuant to §§ 4.13(A) and (B) of this Part, if the Corporation determines that the number of anticipated New Full-Time Jobs or Capital Investment is unrealistic given the operating history and resources of the Applicant.870 R.I. Code R. 870-RICR-30-00-4.13
Amended effective 12/19/2018