Things are looking up in the Ocean State. Fidelity Investments, which now employs 3,200 people in Rhode Island, announced in April 2021 the creation of 500 jobs at its campus in Smithfield as part of a new Regional Center for Fidelity’s Personal Investing busi- ness. In September 2020, Infosys also doubled down its commitment to the state, announcing it would hire an additional 500 tech workers by 2023.
Qualified Jobs Incentive Tax Credit: Offers up to $7,500 per job per year for up to 10 years for companies that expand the workforce in or relocate jobs from out of state.
Rebuild Rhode Island Tax Credit: Fills financing gaps with redeemable tax credits covering up to 30% of project costs for commercial office, industrial, residential, mixed-use development, ground-up construction or historic rehab for projects of at least $5 million.
Innovation Voucher Program: Offers up to $50,000 for companies with 500 employees or less to support R&D projects that commercialize a new product, process or service, support scale-to-market development or new expertise.
Rhode Island Innovate 2.0, the state’s latest Comprehensive Economic Development Strategy equivalent, calls for policy and investment in new opportunities. Areas of focus for the strategy include: the blue economy, offshore wind as targeted industry cluster, the back office market, creating a minority business accelerator and transition to the future of work via a new Technology Adjustment Initiative.
Six Fortune 500 companies headquartered in state: