Governor Gina M. Raimondo and the Rhode Island Commerce Corporation announced the unanimous approval Greystone of Lincoln, Inc. to enter into the first Qualified Jobs Incentive Tax Credit agreement, which will lead to the creation of 25 manufacturing jobs.
Greystone is a manufacturer of high volume, precision computer numerical control (CNC) tuned parts, with an 83-year Rhode Island legacy. Currently employing 226 associates in Lincoln, RI, they are proposing to hire 25 new, full-time, employees with a median annual salary of $52,000 and expand one of its facilities by approximately 10,000 square feet to accommodate new machinery and staff.
"The Qualified Jobs Incentive Act is beginning to make it easier for businesses to grow here," said Raimondo. "By choosing to expand in Rhode Island, Greystone is helping us improve our economy by adding high-quality manufacturing jobs. We look forward to continuing to work with the General Assembly to find more ways to support companies like Greystone to grow and thrive in Rhode Island."
"This announcement is exactly the type of company I was hoping to assist when I proposed the job incentive program. I am confident this will be the first of many businesses that will take advantage of these new resources in order to create good-paying jobs for Rhode Islanders," said K. Joseph Shekarchi (D-Dist. 23, Warwick), the House sponsor of the job creation incentive.
Senator James C. Sheehan said, "Working collaboratively, the state has developed a variety of incentives to attract companies and encourage job creation for Rhode Islanders. I am very pleased that the Qualified Jobs Incentive, which I was proud to sponsor in the Senate, is working to help provide a needed boost to Rhode Island's economy."
"Greystone is proud of its manufacturing heritage and opportunities provided to Rhode Islanders and their families. We look forward to the continued growth of our skilled technical manufacturing team," said John Maconi, Greystone Chief Executive Officer.
"We're proud that Greystone, an important Rhode Island manufacturer, has decided to expand right here in Rhode Island," said Commerce Secretary Stefan Pryor. "We're committed to helping Rhode Island companies, which are frequently offered enticing opportunities elsewhere in the country, to invest and grow in our state. Strengthening the manufacturing sector is a particular priority for our administration. We thank Governor Raimondo, Speaker Mattiello, Senate President Paiva Weed, Representative Shekarchi, and Senator Sheehan for giving us the tools we need to help companies like Greystone choose Rhode Island."
The Qualified Jobs Incentive encourages new job creation by providing a base tax credit (1) for companies relocating to the state and creating a minimum number of new jobs and (2) for current Rhode Island companies growing their in-state workforce. The annual base tax credit is $2,500 for each new full-time job created, with possible add-ons of up to $5,000 per job if specific criteria are met. The first 500 jobs approved under the program, including these 25 jobs, will receive the maximum credit allowed.
Based on the current salary estimates, Greystone would be eligible for annual Qualified Jobs Tax credits of approximately $46,000 per year for a 10-year cumulative total of approximately $460,000. Greystone evaluated the possibility of expanding in Rhode Island or at their Toano, VA, facility.