POPULATION: 1,051,471 (2013, U.S. Census Bureau)
LABOR FORCE: 435,000 (2013, Bureau of Labor Statistics)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES:Finance, defense, insurance, health services, educational services, boat and ship building, fabricated metal products, machinery, jewelry
EXPANDING INDUSTRIES: Healthcare, life sciences, digital media, renewable energy, defense technology, financial services, industrial products and infrastructure services, consumer products and design, professional and educational services, information technology, marine trades
COLLEGE GRADUATES: (Age 25 and over) 31.4% (2012, U.S. Census Bureau)
BASIC BUSINESS TAXES:
Corporate Income Tax: 3-7 percent
Sales and Use Tax: 7 percent
Municipal Property Tax: Rates vary; refer to http://www.municipalfinance.ri.gov/documents/data/taxrates/2014-Tax-Rates-12-31-13-FINAL.pdf for detailed rates per community.
County Tax: None
BUSINESS INCENTIVES:
Corporate income tax rate reduction
Corporate income tax reduction for job creation
Innovation Tax Credit
Manufacturing Investment Tax Credit (4%)
High-Performance Manufacturing Investment Tax Credit (10%)
R&D Tax Credit (22.5%)
R&D Property Credit (10%)
R&D sales tax exemptions
Job Training Tax Credit & grants
Adult education & employer’s apprenticeship tax credit
State enterprise zones
Motion picture production tax credit (25%)
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
Franchise tax repeal
Source: U.S. Census Bureau 2011 Annual Survey of Manufactures