January 24, 2011: R. I. Gov. Lincoln Chafee, serving as Chairman of the Rhode Island Development Corp (RI EDC), announced to its Board of Directors that Phoenix Medical Technologies will receive $100,000 tax credit incentive for business development of their high-tech therapeutic shoe insole development and manufacturing business in Rhode Island. In an RI EDC news release, Governor Chafee and RI EDC Exec. Dir., Keith Stokes, named priorities to strengthen the economy and grow local jobs in R. I.:
- identify sources of investment capital for small businesses
- strengthen urban communities through workforce training and career education
- rebrand R.I. cities as places to start, or relocate business development
- establish which communities are hardest hit
“I believe Rhode Island is poised for economic recovery and job growth…but only if the RIEDC focuses on leveraging our existing assets, supporting our existing businesses and stimulating 'Main Street' economic development, especially in our financially challenged communities,” Chafee said.
Phoenix Medical is working to develop and manufacture a high-tech therapeutic shoe insole to prevent people with compromised balance, like the elderly and diabetics, from falling. Phoenix collaborates with three Rhode Island companies, development partners for software, design, and manufacture. The tax credit and location of Phoenix to R. I. is expected to create 86 new jobs for unemployed Rhode Islanders.
How the tax credit for entrepreneurial business development works in R.I.:
To encourage investment in high-growth, high-wage innovation industries and support the state's entrepreneurs, the Innovation Tax Credit offers investors up to a 50 percent credit on eligible investments in pre-approved small businesses with a maximum tax benefit of $100,000. Companies must have annual gross revenues of less than $1 million in the prior two calendar years. Starting in 2011, credits will no longer be applied against personal tax liabilities.
Further economic recovery measures for business development include localized public meetings with Gov. Chafee and Stokes: 'Main Street Listening Tours' will be held, beginning later this week, in an attempt to hear "first-hand how the state can best assist with economic growth in Rhode Island’s core urban communities." The first tours include the cities of Providence, West Warwick, Woonsocket, Central Falls and Pawtucket. Further cities and towns will be added to this list in an attempt to discuss issues locally with efforts to grow local jobs and strengthen the economy.
Recent articles:
Blue Cross CEO lowers boom on healthcare providers
Follow Sharon on Twitter.
Subscribe to these Home & Living articles by clicking the button at the top of this page.
Comments