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slides: NY Times Study Unveils RI’s Biggest Tax Incentives

Monday, December 03, 2012

 

The New York Times released a comprehensive investigation into taxpayer funded subsidies to private corporations. The series, entitled, UNITED STATES OF SUBSIDIES - a series examining business incentives and their impact on jobs and local economies.

The study indentified the biggest corporate subsidies by state - here are the top Rhode Island subsidies according to the New York Times.

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38 Studios - $75M

We all know that this has not been a wise investment and now the state is in the miidst of a major law suit against many of the players including leading law firms and the former EDC director.

The government subsidies were loan guarantees.

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CVS Caremark - $70M

CVS scored corporate credits, according to the New York Times study.

According to CVS, more than 5,000 RI residents work for CVS.

CVS is RI's largest corporation.

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Fidelity - $19M

Fidelity came to RI and helped build a big campus and jobs to Smithfield.  According to the New York Times, the corporate income tax credits totaled $19 million.

Today, Fidelity employment in RI is estimated to be 3,400.

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Brotherhood - $15.6M

Remember the Showtime series about the two brothers from Providence? The cost of those movie credits were $15.6 million between 2008 and 2010.

The show, which some said was based on the Bulger brothers, but was filmed and had an imbedded Rhode Island storyline had guest appearances from many of RI's elected officials.

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Bank of America - $7.88M

From 2008 to 2010, Bank of America earned $7.88 million from Rhode Island taxpayers under Jobs Development Act/Corporate Income Tax Reductions.

Bank of America is the bank that occupiers like to occupy and advocates like RI's own Molly Katchpole love to battle.

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Bridesmaid - $4.14M

Bridesmaid Production, LLC scored tax credits of more than $4.14 million. 

GoLocal has previously broken down the costs of the movie credits.

Including those by 38 Studios-linked lawyer Michael   Corso's movies and the tax credits those received.

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Corp Marketplace - $4 M

Corporate Marketplace (TCMPI) in North Kingstown has received $4 million in taxpayer support. The company that has a low profile does, "TCMPI produces software to online buyers and sellers, allowing them to complete transactions on the web without a third party," according to EDC's Web site.

According to EDC's Web site, the company employees, 20 plus.

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Hachiko Prod - $3.8M

Hachiko Productions received $3.8 million in film tax credits. 

The movie featured Richard Gere and was shot mostly in Woonsocket.

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Page Prod. - $3.46M

Page Productions, Inc. realized $3.46 million in film tax credits.

The production company shot through out Providence and had numerous permits for street closings downtown, on Benefit and around the East Side.

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UTGR - $2.67M

UTGR or Twin River Casino has realized more than $2.6 million in taxpayer subsidies according to the New York Times.

The NYT study says the subsidies are in the form of sales tax exemptions.

 
 

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