City Earns Jobs Credit Renewal For Port Of Providence

RI Enterprise Zone Council gives 5-year extension of EZ designation for Port-area Businesses


The City of Providence earned unanimous approval by the Rhode Island Enterprise Zone Council, to continue designation of the Port of Providence as an Enterprise Zone (EZ). The 5-year designation, effective March 31, 2012, was awarded after city officials from Providence and Cranston argued for extending the tax credit to small businesses within the Zone.

"Even during fiscal crisis, we must remain focused on job creation and economic development. I will continue to push for structural fiscal reforms to position Providence to build on this kind of progress," said Mayor Angel Taveras. "Our working waterfront offers huge opportunities for new business and high-paying, family-wage jobs. This designation will help business owners hire new workers and will entice others to locate to our port."

"This tax credit is a major incentive to eligible companies located in the Port of Providence area or those that might consider coming to Providence," said James S. Bennett, Director of Economic Development. "This Port and adjacent area near Allens Avenue are full of potential. We know that our Port is a vital economic engine for our city, our state and our region, and this credit will help us grow jobs and businesses nearby."

The tax incentive gives C-Corporations located within the EZ district a one-time $2,500 tax credit for each new employee hired, and gives a $5,000 tax credit if that company hires a worker from any Enterprise Zone from throughout the state.

The Providence/Cranston Enterprise Zone encompasses US Census tracts along Allens Avenue, the Port of Providence and certain neighborhoods in South Side. It also includes neighborhoods further south into the city of Cranston. Providence officials also argued for the return of the tax incentive to all forms of small business (S-Corporations, LLCs and LLPs, ) as had been the practice prior to January 2011. For more information visit http://www.riedc.com/business-services/enterprise-zones.