Rhode Island Launches Tax Credit
for Investment in Innovation-based Industries
Rhode Island will now offer a new tax credit to encourage investment in high-growth, high-wage innovation industries and support the state's entrepreneurs. The Rhode Island Innovation Tax Credit, proposed by the Rhode Island Science and Technology Advisory Council (STAC), will offer investors up to a 50 percent credit on eligible investments, with a maximum tax credit of $100,000.
To be eligible to apply for the credit, an investor must invest in a Rhode Island business that produces traded goods or services and has annual gross revenues of less than $1 million in the prior two calendar years. Companies must be categorized as one of the following innovation industries: Biotechnology and Life Sciences; Communication and Information Technology; Financial Services; Marine and Defense Manufacturing; Professional, Technical and Educational Services; Industrial and Consumer Product Manufacturing and Design.
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