BREAKING NEWS: State Approves $1.6M Tax Break for Hasbro
Tuesday, April 26, 2011
Hasbro has been approved for a $1.6 million exemption on sales taxes in order to move forward with a major expansion that will create hundreds of jobs.
The Rhode Island Economic Development Corporation approved the tax exemption tonight. The tax break will help the company with a $24 million expansion plan that includes the creation of at least 284 full-time jobs.
“As one of the chief cornerstones of our business community, I am pleased that Hasbro has chosen to build on its long-standing success in the state by planning to expand their operations here and bring quality, high-paying jobs to Rhode Island,” said Governor Lincoln Chafee, who serves as the chairman of the EDC board.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTChafee added: “Hasbro is bringing new jobs to our state and that is a welcome shot in the arm for our local economy. I am pleased that the RIEDC Board saw fit to approve this sales tax exemption…one that I believe will be a good investment of taxpayer dollars.”
New jobs will pay an average of $80k
As part of the deal, Hasbro will create the 284 jobs within three years—the period during which it can use the exemption. Annual wages for those jobs will reach an average of $80,290. To qualify for the tax exemption—formally known as "project status"—a minimum of 281 of the jobs had to pay more than $36,691 a year, which is 105 percent of the state’s median annual wage.
“Hasbro’s expansion in the state will provide opportunities for other Rhode Island companies and small businesses to benefit directly and indirectly from the expected increase in economic activity and the creation of jobs,” said RIEDC Executive Director Keith Stokes. “The expansion will also help the state attract new companies by demonstrating that Rhode Island is a good place to do business.”
“We are pleased that the Rhode Island Economic Development Corporation recognizes the importance of Hasbro expanding in the Ocean State,” added David Hargreaves, Chief Operating Officer of Hasbro, Inc. “RI has been our home since 1923 and we look forward to continuing to being an active and important part of this community.”
If you valued this article, please LIKE GoLocalProv.com on Facebook by clicking HERE.
Related Articles
- Hasbro CEO talks about the three “R"s of business growth
- RI EDC and Secretary of State Team Up to Promote Small Business
- RIEDC Approves TD Bank “Project” to Create 164 New Jobs in RI
- Hasbro Goes Shopping for a New Media Buying Firm
- RIEDC Supports Three Emerging Businesses
- Hasbro: Misses Analyst Numbers, But Looking to a Big 2011
- Stanley-Bostitch Closes: Where Was the EDC?
- EDC Director: $75M Schilling Deal Was ‘Misunderstood’
- EDC Issues $23M in Loans and Bonds to Local Businesses
- Four New EDC Board Members Named
- NEW: EDC Moves Foward with Broadband Initiative
