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Northern Rhode Island has developed a favorable business climate for
existing and new businesses. To achieve this, teams of highly qualified
individuals have been assembled to assist you with your business needs.
Here are just some of the organizational strengths Northern Rhode Island
has to offer: The Northern Rhode Island Economic Development Partnership, Inc., A highly visionary public/private collaborative alliance, has been created to implement the region's 2nd Revolution strategic plan. The Partnership includes the Blackstone River Valley National Heritage Corridor Commission, Blackstone Valley Development Foundation, Inc., Northern Rhode Island Chamber of Commerce, Northern Rhode Island Private Industry Council, Inc., Woonsocket Industrial Development Corporation, Town of Burrillville, City of Central Falls, Town of Cumberland, Town of Lincoln, Town of North Smithfield, City of Pawtucket, Town of Smithfield and the City of Woonsocket. The Partnership offers and maintains a state-of-the art electronic data base providing computerized lists of industrial land and buildings available for company expansion or relocation. The Northern Rhode Island Chamber of Commerce Dedicated to the development and management of a positive business climate, accomplished through lobbying efforts with state and local governments. Of major concern is the enactment of legislation favorably affecting energy, workers' compensation costs and business taxation. The Northern Rhode Island Enterprise Zone Program What is the Northern Rhode Island Enterprise Zone Program? An Enterprise Zone is a specified geographic area which has been targeted by the state of Rhode Island for special attention with respect to economic revitalization and the creation of new jobs. To help achieve these goals, state and local tax incentives and regulatory relief are provided to businesses that reside in these zones. Rhode Island currently has seven Enterprise Zones, three of which are located in Northern Rhode Island. The Woonsocket zone is marketed and managed by the Northern Rhode Island Enterprise Zone Director. It includes the Highland Corporate Parks, Northern Cumberland, several mill complexes and Woonsocket's historic Downtown. THE ADVANTAGES How do businesses benefit from being located within the Northern Rhode Island Enterprise Zones? There are many incentives available to qualified businesses located within an Enterprise Zone. Following is a summary of Enterprise zone benefits. (More specific information is available in the Rhode Island Enterprise Zone Program Information Guide.) Tax Incentives Corporations (including Sub Chapter S), sole proprietorships, partnerships, limited liability partnerships and limited liability companies are eligible for tax credits applicable to the Business Corporation or Personal Income Tax. Credits against the Business Corporation or Personal Income Tax can be earned by creating new and additional enterprise jobs and increasing total company wages in compliance with legislative and Rhode Island Enterprise Zone Council requirements. The standard credit amounts to 50% of total wages paid to those new or additional enterprise workers (as defined by the Rhode Island Enterprise Zone Council) who represent the minimum workforce addition required in the certification process. The maximum credit allowed per taxable year is $10,000 per employee. Wages subject to the credit shall be reduced by any direct state or federal wage assistance. Any tax credit earned shall not offset any tax liability in taxable years other than the year in which the taxpayer qualifies for the credit. Qualified Enterprise Zone business owners who also reside within the zone are eligible for an income modification of $50,000 for the first three years of the program. (During years four and five the modifications are $25,000.) However, any individual who opts for the resident business owner modification is not eligible to take advantage of the business tax credit. Corporations or individuals who make new loans to qualified businesses are eligible to receive a 10% tax credit on interest earned from such loans. The maximum credit per taxpayer is $10,000 per year. The Northern Rhode Island Enterprise Zone Program includes several additional Rhode Island state tax credits which are outlined in detail in the Rhode Island Enterprise Zone Program Information Guide, and several local tax incentives which are described in the zone specific brochures. Northern Rhode Island Industrial Land and Building Inventory The Northern Rhode Island Economic Development Partnership, Inc. maintains a computerized data base to match specific business needs such as building size and site area, zoning classification, utility and transportation infrastructure with conforming properties in each of the Northern Rhode Island Enterprise Zones. Customized listings which include reports, maps and photographs are available free of charge, and may be received by fax or by mail within 48 hours. THE SIMPLICITY OF BECOMING PART OF THE N.R.I. ENTERPRISE ZONE PROGRAM Expedited Permitting Significant steps have been taken to streamline regulations and reduce red tape associated with business operations. Mechanisms are in place to provide assistance to Enterprise zone businesses in securing necessary licenses or permits from state agencies in an expeditious manner. Qualification Requirements Minimal requirements must be satisfied to become a qualified Enterprise Zone business. Every effort has been made to keep this process as simple as possible.
For More Information Contact the Enterprise Zone Director for immediate assistance with questions and inquiries regarding Northern Rhode Island and the Enterprise Zone Program. Director of Enterprise Zones Economic Development Department THE WOONSOCKET/CUMBERLAND ENTERPRISE ZONE What is an Enterprise Zone? An Enterprise Zone is a geographic area comprised of five contiguous census tracts, or portions thereof, which has been targeted by the state of Rhode Island for special attention with respect to economic revitalization and the creation of new jobs. To help achieve these goals, tax incentives and regulatory relief are provided to businesses that reside in these zones. Statewide, Rhode Island has seven Enterprise Zones. The Woonsocket/Cumberland Enterprise Zone is comprised of the Highland Corporate Parks, several large mill complexes, Woonsocket's historic Downtown and Northern Cumberland. What does the Woonsocket/Cumberland Enterprise Zone have to offer your business? Unique opportunities exist for business relocation and expansion in both the Woonsocket and Cumberland portions of this Enterprise Zone. Following is a brief summary of some of the more significant features that can be found in the City of Woonsocket. Woonsocket Woonsocket is located at the center of the Blackstone River Valley National Heritage Corridor, the birthplace of the American Industrial Revolution. The city's tradition of playing host to industry is carried on today, particularly at the site of the Highland Corporate Park. This modern office and industrial park houses a number of successful businesses, including the corporate headquarters of CVS, and combines with the neighboring highland Corporate Park in Cumberland to form the premier location for future economic development in Northern Rhode Island. The highland Corporate Parks are easily accessible from Route 99, which connects Route 122 with Interstate Route 295 and Route 146. Providence, Boston and Worcester are all within commuting distance. Woonsocket offers several innovative programs to assist businesses interested in relocating to or expanding within the Enterprise Zone. As part of its Community Development Block Grant Program, the city offers a Small Business Loan Program to provide qualified businesses with gap financing. The intent of the program is to assist the continuing operation of businesses that might otherwise have difficulty qualifying for conventional financing, thus helping them to secure much needed capital. The City of Woonsocket also offers Commercial Facade Restoration Grants for exterior renovation of properties in the historic Main Street area. Throughout the city, businesses are further assisted via Woonsocket's Job Creation Incentive Program, which provides substantial tax incentives to businesses that create new jobs within the Enterprise Zone. This innovative program is currently being reviewed as a model for other municipalities in the region. To further create a climate favorable to business, the Wholesale Inventory Tax was repealed in 1987. Woonsocket has also been sure to provide the proper infrastructure required to support business. The city offers modern Multi-million dollar wastewater and water treatment facilities, each employing state-of-the-art treatment techniques. Woonsocket is a place of distinct character and presence. The city is
surrounded by the growing suburban communities of Lincoln, Cumberland and
North Smithfield, and boasts a positive business climate where city
officials and the business community can work together to build a strong
economy. |
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