"This is more outstanding news for Rhode Island. I'm thrilled that Rubius has decided to invest here, adding to the growing list of companies bringing highly-skilled jobs to our state," Raimondo said. "There are more jobs in Rhode Island than ever before, and we're continuing to make progress. Today's announcement is more proof that our approach is working."
To support this project, the Board of the Rhode Island Commerce Corporation today approved tax credits through the Rebuild Rhode Island Tax Credit Program and the Qualified Jobs Incentive Act. The estimated value of the Rebuild Rhode Island Tax Credit is approximately $2.75 million. The estimated value of the Qualified Jobs tax credits is approximately $370,000 per year over 10 years. The credits will be paid out after the jobs are created and employees have paid income tax for a full year. The company will also be eligible for a sales tax rebate on construction materials.
According to Appleseed, a third party economic analysis firm, the manufacturing facility planned by Rubius is projected to add $6.34 million in net revenue to the state over the 12-year commitment period and increase the state's GDP by $28.1 million annually.
"We are very pleased that Rubius Therapeutics is bringing its new advanced manufacturing facility to Rhode Island," said R.I. Secretary of Commerce Stefan Pryor. "Rubius joins companies such as Amgen, Johnson & Johnson, and EpiVax in our flourishing bioscience ecosystem. We thank Rubius for choosing Rhode Island and look forward to the company's success here."
Twenty-eight companies have relocated to Rhode Island or expanded their existing Rhode Island operations using the Qualified Jobs Tax Credit Program. The State's real estate investment programs are investing in 33 development projects that are creating approximately 8,000 construction jobs and injecting more than $2 billion of investment into Rhode Island. Appleseed estimates that combined these projects will add nearly $600 million dollars annually to the state's GDP.