Regulations posted on new tax credit programs

The Division of Taxation on October 7 posted, as final, regulations that offer details and guidance on three new tax credit and incentive programs:

• the Anchor Institution Tax Credit program;
• the Rebuild Rhode Island Tax Credit program; and
• the Rhode Island Qualified Jobs Incentive Act of 2015 program.

The programs are part of a package of credits and other incentives aimed at businesses that are prepared to invest in and foster job creation in the state.

Specifically, the programs are intended to help expand existing jobs, stimulate the creation of new jobs, attract new business and industry to the state, and stimulate growth in real estate developments. They are the result of legislation proposed by Governor Gina M. Raimondo, approved by the General Assembly, and signed into law on June 30, 2015. 

The regulations mirror those posted by the Rhode Island Commerce Corporation. The programs are administered by the Commerce Corporation.