Rhode Island Foundation
Economic Development Incentives – State of Rhode Island
The State’s Secretary of Commerce requested that the Rhode Island Foundation hire the RESGroup team review the existing government incentives regarding real estate development, and recommend revisions or new programs to promote job creation in the industrial and commercial sectors by supporting real estate development. These economic development incentives are targeted to achieve the State’s objectives for businesses growth and retention, job creation and tax revenue increases. The results of the market analysis, which were conducted for office, residential, hotel and industrial uses, provided support for the Governor’s recommended budget for funding economic development programs over a five year period and the creation of legislation authorizing the implementation of these incentive programs. The legislation authorizing the recommended slate of programs was approved in June, 2015.