Rhode Island Economic Development Toolkit Adds Another Company Board Also Grants Three R.I. Businesses Innovation Vouchers for R&D Work
Gov. Gina Raimondo and the Board of Directors for the Rhode Island Commerce Corporation tonight approved economic incentives to attract the technology company Epiq to Rhode Island. The board also voted to issue Innovation Vouchers to support the R&D work of three Rhode Island small businesses.
"Rhode Island's economy continues to move in the right direction," said Governor Gina Raimondo. "Our innovative slate of Commerce programs continue to bring more jobs to our state and more opportunities for all Rhode Islanders to be included in our state's story of economic recovery." "We are pleased to welcome Epiq Systems to Rhode Island. The Qualified Jobs tax credit has helped 23 companies land and expand in our state," said Rhode Island Secretary of Commerce Stefan Pryor. "We have also made assisting existing Rhode Island small businesses a priority, including the Innovation Voucher awards approved today. Small businesses are the lifeblood of our state's economy, and access to Rhode Island-based R&D is another way we are helping them succeed."
Epiq Systems, Inc. is a global leader in the legal services industry, working on large-scale and complex tasks for corporations, financial institutions, and government agencies. Clients rely on Epiq to streamline the administration of business operations, class action and mass tour, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. The innovation organization at Epiq is comprised of more than 200 employees worldwide.
The board approved incentives to help create at least 25 full-time jobs by 2020, including data analysts, process engineers, and data scientists. The anticipated median salary for these new jobs will be $110,000. These credits are estimated to worth $1.21 million over the ten year period and the company has committed to maintaining the new jobs in Rhode Island for at least the 12 years as required. The tax credits would not be awarded until jobs are created and generating state income tax withholdings and in order to receive tax credits, the company must create and maintain 100 percent of its year 1-10 hiring commitment.
Based on a third-party analysis, over the twelve-year period, Rhode Island is projected to realize a net increase of $2.1 million in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of $7.1 million in Rhode Island's annual GDP once the new hires are in place.
The board also approved three Innovation Vouchers. The Innovation Voucher program is designed to help spur innovation in the local economy by funding up to $50,000 for research and development between small Rhode Island businesses and local knowledge partners—namely colleges, universities and hospitals. With these awards, there have now been 47 Innovation Voucher recipients.
Cranston-based manufacturer Mearthane will receive $40,574 to develop and implement a new and innovative process for their industry-leading Durethane formulas. Mearthane will partner with an external expert who can lead an internal team in identifying and enacting specific process innovation to dramatically improve the product reliability, consistency, and quality yields.
MindImmune will receive $50,000 to partner with URI to build upon success from last year's Innovation Voucher project, further establishing key animal models of brain immune system dysfunction as a means to screen for new therapies for Alzheimer's disease.
CRE Medical utilize $49,989 and partner with URI to develop a tripolar concentric ring electrode and tripolar electroencephalography that offers a radical improvement over the existing disc electrode for EEG brain monitoring.