Innovation tax credit, designed to help startup companies in high-wage industries secure private venture capital.
| December 3, 2007 |  View for printing |
“This tax credit changes the game entirely for our company.”
The innovation tax credit was proposed by the R.I. Science and Technology Advisory Council (STAC) and created by Gov. Donald L. Carcieri and the R.I. General Assembly last year. The tax credit was designed to support entrepreneurs and bolster private investment in the state’s high-wage industries, said Saul Kaplan, executive director of the R.I. Economic Development Corporation, which oversees the program.
“We’re trying to create a high-wage economy here so all Rhode Islanders can access higher-wage jobs,” Kaplan said. “And to do that we need to increase our innovation capacity and create an environment where we can grow those sectors of our economy that have the potential to pay higher wages to Rhode Islanders. This credit is one important element of that strategy.”
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