Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015

Regulation Authority:

RIGL 44-48.3-1

Purpose and Reason:

The Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 have been adopted to implement the newly-enacted Rhode Island Qualified Jobs Incentive Act of 2015, R.I. Gen. Laws § 44-48.3-1 et seq., which provides tax credits to a qualifying business for new full-time jobs created in Rhode Island. To qualify, a business in a “targeted” industry must create a minimum of 10 new jobs and, if it has more than 100 employees in the state, it needs to create jobs equal to either 10% of their workforce in state or 100 employees. A business in a “non-targeted” industry must create a minimum of 20 new jobs, and, if it has more than 200 employees in the state, it needs to create jobs equal to either 10% of its workforce or 100 new jobs. The jobs must pay, at a minimum, the median hourly wage for the state, though the Corporation may exempt economically fragile industries, such as manufacturing, from that requirement. The eligibility period for the credits can be up to 10 years, and the business must agree to keep the jobs in Rhode Island for at least 20% longer than the period of time it is eligible for credits. The maximum amount of the credits available per job is $7,500. The Rules address the eligibility requirements, application procedures, and other administrative aspects of the program. The text of Rule 3 has changed from the version published in the register to provide greater specificity to the board process described in that provision. The text of Rule 10 has also been changed from the version published in the register to clarify that an application fee will be mandatory in order to make clear that such charge will be levied.