Bill Ties Tax Breaks To New Hiring
Johnston Rep. Gregory Constantino cosigned the legislation intended to promote small business growth.
Rhode Island Public Expenditure Council (RIPEC) reports the high cost of doing business in RI routinely puts the state in the bottom 10 of business climate rankings, but Rep. Robert Phillips (D-Dist. 51, Woonsocket, Cumberland) and Sen. Marc Cote (D – Dist. 24, Woonsocket, North Smithfield) aim to turn that around with a tax break tied to new hiring. Johnston Rep. Gregory Costantino co-signed the legislation that would provide a tax incentive for new Rhode Island businesses that hire and retain two or more employees. The Job Creation Incentive Act would provide a 50 percent tax deduction for a business in its first three years after hiring two employees – excluding family members — followed by a 25 percent tax deduction for the next …
