Qualified Jobs & Rebuild RI Tax Incentive Programs Require CPA Certification
posted Feb 19, 2019 by Jessica Ashley, CPA, MBA in the Business Blog
Thinking about expanding your workforce? Have a renovation project that has come to a halt due to financial difficulty? The State of Rhode Island has a number of tax credit incentive programs that can help with these issues. Find out if your business/project is eligible and how you can benefit. We can help you with the certification requirements.
Qualified Jobs Incentive Tax Credit Program
This program is for companies that are planning on relocating jobs from out of state to Rhode Island or increasing their workforce within the state. Through this program, you can receive annual redeemable tax credits for up to 10 years. Depending on the wage level and other criteria, credits can equal up to $7,500 per job per year. The minimum number of new jobs needed to qualify differs depending on the industry and company size but can be as few as 10. The maximum credit amount available will be provided to the first 500 jobs approved under the program.
Rebuild Rhode Island Tax Credit Program
This program helps companies with real estate projects for which they are having difficulty raising sufficient funding. The program provides financing through redeemable tax credits which can cover up to 30% of project costs. Projects which qualify include:
- Commercial office
- Mixed-use development
- Ground-up construction
- Historic rehab
A minimum project cost of $5 million and certain square footage/project size may apply.
Approved projects can also be exempted from sales tax on construction materials, furnishings, and equipment.
Tax Programs Require CPA Certification
Both programs require a Rhode Island licensed certified public accountant to certify certain information for the company to continue to receive the tax credits. KLR can provide this certification service. We can help you navigate these two programs and help you find the best solution for your business.