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SB 1002

AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- REBUILD RHODE ISLAND TAX CREDIT

2025 Regular Session Introduced by Jake Bissaillon and 1 co-sponsor

Rhode Island establishes tax credit program to incentivize business investment and economic development statewide, balancing revenue loss against potential job creation and growth.

06/04/2025 Senate passed Sub A as amended (floor amendment)
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Bill Summary · SB 1002

Legislative bill overview

SB 1002 establishes or modifies the "Rebuild Rhode Island Tax Credit," a state tax incentive program designed to encourage business investment and economic development in Rhode Island. The bill has passed the Senate with amendments and now moves forward in the legislative process. The specific provisions regarding credit amounts, eligibility requirements, and project types are not detailed in the action summary provided.

Why is this important

Tax credit programs directly affect state revenue and business investment patterns. This legislation signals Rhode Island's policy priorities regarding economic development and may influence where companies choose to locate or expand operations within the state. The program's design—including credit size, duration, and eligibility criteria—will determine its cost to state finances and effectiveness in achieving stated economic goals.

Potential points of contention

  • Fiscal impact: The bill's cost to state revenues depends on uptake rates and credit values; critics may question whether the revenue loss is justified by economic gains, while supporters argue it stimulates growth that offsets costs
  • Equity and geographic distribution: Questions about whether tax credits benefit all regions equally or concentrate benefits in already-developed areas, potentially exacerbating regional economic disparities
  • Program design specifics: The floor amendments suggest debate over eligibility requirements, credit caps, project types, or sunset provisions—details that affect which businesses qualify and how long the program runs

Compiled from official sources — confirm details with the bill’s official record.

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