Information Technology, Life Sciences At Forefront of Rhode Island’s Development

POPULATION: 1,057,832 (2007 estimate)

LABOR FORCE: 570,979 (August 2008)

RIGHT TO WORK: No

TRADITIONAL INDUSTRIES: Finance, insurance, health services, educational services, boat and ship building, fabricated metal products, machinery, jewelry and silverware manufacturing

COLLEGE GRADUATES: (Age 25 and over) 29.6% (2007)

EXPANDING INDUSTRIES: Healthcare and life science technology, financial services, industrial products and infrastructure services, consumer products and design, professional and educational services, information technology and digital media, marine trades and defense technology

BASIC BUSINESS TAXES:
Corporate Income Tax: 3-9 percent

Sales and Use Tax: 7 percent

Municipal Property Tax: Rates vary

County Tax: None

BUSINESS INCENTIVES:
Corporate Income Tax Reduction for Job Creation
Innovation Tax Credit
Alternate flat tax rate computation
Manufacturing Investment Tax Credit (4%)
High-Performance Manufacturing Investment Tax Credit (10%)
R&D Tax Credit (22.5%)
R&D sales tax exemptions
Job training tax credit & grants
State enterprise zones
Small business capital investment tax incentives
Bond, insurance, and small business financing
Financial services/insurance incentives
No sales tax on boats and on aircraft, aircraft parts, or fuel
No local property taxes on manufacturers' machinery, equipment or inventory
No local property taxes on manufacturers' machinery, equipment, or inventory