Rhode Island tax breaks would flow to insurance, real estate, filmmaking

Insurance companies, film producers and real estate investors would get access to new or expanded tax breaks in the state budget lawmakers are set to vote on Friday.

The House budget released last week puts new limits on the programs Gov. Gina Raimondo’s Commerce Corporation has used to persuade companies to move to or expand in Rhode Island — but at the same time it opens up other tax credits and revenue streams.

One new tax credit written into the budget after passing the Senate last month would reward insurance companies that invest in Rhode Island’s small businesses with tax credits against their insurance premium taxes. The investments would flow through groups of private investment companies, who testified in support of the bill this year and would also contribute capital.

Businesses with fewer than 250 employees and less than $15 million in annual revenue could apply for investments from the funds.

Read more: https://www.newportri.com/news/20190619/ri-tax-breaks-would-flow-to-insurance-real-estate-filmmaking