State commerce board approves millions in tax incentives
PROVIDENCE, R.I. (AP) — The Rhode Island Commerce Corporation has approved nearly $15 million in tax incentives for three business projects.
The projects approved for a total $14.95 million in tax credits and other incentives include a new innovation hub for an Indian technology company, a new hotel in South Kingstown and apartment renovations for several buildings in Providence. The Providence Journal reports Infosys, a Bangalore company pledging to hire 500 people over five years, received the largest incentive package.
The commerce board voted Monday to approve the incentives, with board member Karl Wadensten praising that the projects will be reaching beyond the center of Providence.
The three projects were approved unanimously, with only six voting members of the 13 member board in attendance.