State representative proposes new job creation tax credit
By The Associated Press
WARWICK, R.I. (AP) _ State Rep. Joseph Shekarchi is proposing a new tax credit for Rhode Island businesses that create jobs.
The Warwick Democrat says he’s introducing a bill to offer a credit that’s capped at the amount of state income taxes paid by a new employee.
The House Labor Committee chairman has tried for three years to get support for a job creation tax credit. Shekarchi says he worked recently with the governor, House and Senate leaders and others to make the bill better.
It wasn’t revenue neutral before. Shekarchi says his original proposal would have cost about $7 million annually.
He says the bill also increases the credit for businesses in transportation hubs, distressed communities, and specified high-tech industries. Shekarchi unveiled the proposal Tuesday. He expects a hearing within three weeks.
(C) The Associated Press 2015
