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Mayor David N. Cicilline, Chairman Thomas E. Deller, Acting President
The Enterprise Zone Program is designed to offer tax incentives to businesses that expand their workforce at facilities located in a state designated enterprise zone. Providence currently has two (2) state enterprise zones: Port of Providence and Providence II. Any business located in a state enterprise zone that grows its employment base by five percent (5%) with full-time Rhode Island residents may be eligible for the Rhode Island Enterprise Zone Business Tax Credit. The tax credit is equal to fifty percent (50%) of the annual wages paid to new employees to a maximum of $2,500 per employee. If new employees reside in an enterprise zone, then the tax credit is equal to seventy-five percent (75%) of the annual wages paid to those new employees to a maximum credit of $5,000 per employee. Earned but unused enterprise zone tax credits may be carried-forward for a period of up to three (3) years. Each year after admission to the program, a company located within an enterprise zone may be eligible for the annual tax credits based on full-time employment levels increasing by five percent (5%) over that of the previous year. For more information regarding the Enterprise Zone Program and for the link to the program application, please visit the Rhode Island Economic Development Corporation’s website at http://www.riedc.com/riedc/business_services/67/ . For a map of the Port of Providence and Providence II Enterprise Zones, please click on the map below for a more detailred map in "PDF" format.
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Contact Us! Kathy Cosentino, Associate DirectorProvidence Economic 400 Westminster Street, 6th floor |
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