- Associated Press - Tuesday, September 17, 2019

PROVIDENCE, R.I. (AP) - Rhode Island officials are working to regulate an impending business incentive program that they worry could lead to insider firms receiving an influx of taxpayer money.

The Providence Journal reports that the Small Business Development Fund aims to incentivize $65 million in private investment in the state with $42 million in state insurance premium tax credits.

The Commerce Rhode Island Board authorized its staff on Monday to finalize emergency rules that would curb the Small Business Development Fund before it opens Sept. 29.

Lawmakers included the tax credit program into the state budget in June despite Democratic Gov. Gina Raimondo’s objections.

Raimondo says the program doesn’t protect taxpayers.

Agency staff will likely increase how much information investment groups will be required to give to the state.


Information from: The Providence Journal, http://www.providencejournal.com

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