In January 2017, Governor Gina M. Raimondo announced her intentions of focusing on the manufacturing industry as part of her efforts to ensure that every Rhode Islander has an opportunity.

Governor Raimondo’s new Rhode Island Manufacturing Initiative will be focusing on providing “manufacturing companies the tools they need to invest in their business and ensure that Rhode Island’s workers have the skills they need to compete in the 21st Century advanced manufacturing economy.” The Initiative includes:

Economic Development

• $3.25 million investment to establish a Manufacturing Investment Tax Credit which manufacturing businesses with a refundable tax credit on a competitive basis for the purchase of new equipment;

• $550,000 to expand Polaris NEP technical assistance for local manufacturing companies;

• $1 million (of $2.5 million) in the Innovation Voucher program dedicated to supporting manufacturers’ in-house research and development;

• New language in the Qualified Jobs Incentive Tax Credit program that reduces the minimum hiring requirement for growing manufacturers;

• Establishment of an Innovation Center for Design and Manufacturing to help entrepreneurs scale up and bring ideas to prototype and eventually to market. Workforce Development, Training and Education

• $3.65 million to enhance manufacturing programs at the Davies Career and Technical High School;

• $2 million for the Job-ready Workplace Learning Program to provide refundable job training tax credits on a competitive basis to help support job training;

• $1.2 million to invest in the state’s Pathways in Technology Early College High School (P-TECH) initiative to continue the manufacturing training partnership at Westerly High School and potentially create another partnership related to manufacturing;

• The Rhode Island’s Promise free college proposal which will guarantee every Rhode Island student an opportunity earn an associate’s degree from CCRI or attend URI or RIC tuition free their junior and senior year.

For the press release issued by Governor Raimondo’s office, click [here].

For more information on this topic, please contact Linda Pearson or another of our manufacturing team specialists at 401-331-0500.

Sansiveri provides timely, bi-monthly news briefings on various accounting and tax topics that affect manufacturers and distributors. We look forward to sharing future topics with you. If you would like to learn about something specific, please email Linda Pearson and we will try to address it in a future issue. Thank you.