During our February Politics & Pancakes event Governor Gina Raimondo shared highlights from her 2020 Budget as proposed. The Governor’s budget devotes over 50 pages to economic development programs, one of which is the Rebuild RI Tax credit. The goal of the Rebuild Rhode Island tax credit is to help stimulate business development; retain and attract new business and industry to the state; create good-paying jobs for residents; assist with business, commercial, and industrial real estate development; and in turn, generate revenues for necessary state and local governmental services. In Newport, we are seeing what positive impacts these tax credits can bring as the Rebuild RI program has been a key piece in enabling the Chamber, the Economic Development Fund of Rhode Island, and the City of Newport to rehabilitate the historic Sheffield School into Innovate Newport.
In March, Erin Donovan – Boyle, Executive Director of the Chamber, testified at the State House in support of the Governor’s proposal to extend the sunset of the program from 2020 to 2023. During her testimony, Donovan-Boyle stressed that without the Rebuild RI tax credit program to support projects like Innovate Newport, we would not have been able to raise the capital to fund a project like this.
These tax credits can assist in helping to repurpose the historical building stock which helps to maintain the unique character of our area, while diversifying our local economy and ensuring a well-rounded entrepreneurial and innovative ecosystem in the Greater Newport region and state.
Donovan – Boyle also testified in support of the proposed research and development program as proposed. Especially with the opening of Innovate Newport, the R&D program will support growth of local entrepreneurs and invest in companies that will hopefully grow here and maintain and attract talent.