Economic Incentives & Tax Credits
High impact incentives for small businesses in Rhode Island
The Ocean State is home to a wide range of maritime industries, including boat building and servicing and to the largest independent steamship agency in North America. Rhode Island has a highly integrated maritime economy that encompasses manufacturing and research. Other key industries include life sciences, design, travel and hospitality, and manufacturing. Manufacturers in Rhode Island account for 7.59% of the total output in the state, employing 8.46% of the workforce.
Top tax incentive programs for small and medium-sized businesses in Rhode Island
Accelerated Amortization for Defense Industry Manufacturers
Qualified corporations which have annually produced goods worth at least $10,000,000 at facilities located in Rhode Island, over a period of five consecutive years, may accelerate the amortization of depreciable assets.
Machinist Apprentice Corporation Tax Credit
To allow a tax credit of 50 percent of actual wages paid to a qualifying apprentice or $4,800, whichever is less.
High Performance Manufacturing Investment Tax Credit
High-performance manufacturers are allowed a 10% investment tax credit against their corporate tax on the cost of qualified lease amounts for tangible personal property or other tangible property, as well as buildings and structural components.
Rhode Island Research & Development Expense Credit
Rhode Island offers a 22.5% tax credit for increases in qualified research expenses - the highest rate in America.
Rhode Island Manufacturing Investment Tax Credit (4%)
A manufacturer is allowed a 4% tax credit against the Rhode Island corporate income tax on buildings and structural components, as well a machinery and equipment, which are owned or leased used in the production process.
Investment Tax Credit
This credit is available to employers classified in manufacturing, wholesale trade, finance, insurance, real estate and selected services industries.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.