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


280-RICR-20-20-8 ACTIVE RULE

8.1 Jointly Promulgated Regulation

A. The Rhode Island Commerce Corporation and the Rhode Island Division of Taxation jointly promulgate 870-RICR-30-00-4, "Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015.”

B. This Part hereby adopts and references 870-RICR-30-00-4.

Title 280 Department of Revenue
Chapter 20 Division of Taxation
Subchapter 20 Tax Credits/Deductions
Part 8 Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015
Type of Filing Amendment
Regulation Status Active
Effective 11/14/2018

Regulation Authority :

R.I. Gen. Laws Sections 44-48.3-1 et seq.
R.I. Gen. Laws § 44-1-4

Purpose and Reason :

The Rules 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 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.