A. The amount of the
Tax Credit allowed for each New Full-Time Job shall be determined as set forth
in this Rule.
1. For an Applicant for whom the
Board approves Tax Credits prior to the Board approving Tax Credits for a
cumulative total of 500 New Full-Time Jobs, the annual amount of the Tax Credit
for said Applicant for each New Full-Time Job shall be $7,500; otherwise, the
annual base amount of the Tax Credit for each New Full-Time Job shall be $2,500
and may be increased by the amount indicated, up to an additional $5,000, if
any of the following priority criteria, or other criteria determined by the
Corporation from time-to-time in response to evolving economic or market
conditions, are met:
a. For a Business with
New Full-Time Jobs with a median salary in excess of 110 percent of the
existing median hourly wage as reported by the United State Bureau of Labor
Statistics for the State, an increase of $300 per year for each ten percent by
which the median salary levels exceeds the existing median hourly
wage;
b. For a New Full-Time Job in
a Targeted Industry, an increase of up to $5,000 per year;
c. For a New Full-Time Job located within a
Hope Community, an increase of $1,000 per year;
d. For a New Full-Time Job that is created by
virtue of an out-of-state business relocating a business unit or units to the
State, an increase up to $5,000 per year;
e. For the creation of a significant number
of New Full-Time Jobs prior to the receipt of any Tax Credits, an increase
pursuant to the following schedule:
(1) For 50
to 100 New Full-Time Jobs, an increase of up to $3,000 per year;
(2) For 101 to 249 New Full-Time Jobs, an
increase of up to $4,000 per year;
(3) For 250 or more New Full-Time Jobs, an
increase up to $5,000 per year;
f. For a New Full-Time Job located in a
Transit Oriented Development Area, an increase of $1,000 per year, provided
that if the New-Full Time Job is located within one-half of one mile of T.F.
Green Airport, Quonset Business Park, or a passenger rail station, an increase
of up to $4,000 per year;
g. For an
Applicant that creates 25 or more New Full-Time Jobs at a location where the
Applicant has made a Capital Investment of $5,000,000 or more in connection
with the creation of New Full-Time Jobs at that location, the total Tax Credit
amount per New Full-Time Job created at the location shall be increased by
$1,000 per year for each $5,000,000 in Capital Investment made by the
Applicant;
h. For new Full-Time
Jobs created on land that, as of July 1, 2015, was owned by the I-195
Redevelopment District Commission, an increase of up to $5,000 per
year;
i. For new New Full-Time Jobs
that align with the academic mission of a college or university in the State,
an increase of $2,5000 per job; such alignment can be shown by, for example, a
technology transfer from the college or university to the business; funding
scholarships or facilities or experiential learning opportunities; or hiring a
significant number of school graduates;
j. For New Full-Time Jobs created in
Scientific Research and Development or Industrial Design, an increase of $5,000
per job.
