New Tax Code Kills Tax Breaks for Businesses That Add Jobs
Business tax credits are a key part of local economy, according to J. Alan Crisman of the Center for Economic Development in Bristol.
An amendment to Rhode Island’s tax code that passed last August and went into effect on Jan. 1 has eliminated Enterprise Zone tax credits for businesses not organized as C-Corporations. Enterprise Zones were created in 1992 to “take distressed areas in the state and provide incentives to put people back to work, while giving tax credits to companies that create the jobs,” according to J. Alan Crisman, former executive director of Mt. Hope Enterprise Zone and current executive director of the Center for Economic Development, a position paid for by the Town of Bristol to provide business support to incoming and established area businesses. The Enterprise Zone Tax Credit program allowed businesses with fewer than 1,000 employees to receive a…
