City gets 5-year extension of Enterprise Zone for Port of Providence

The Rhode Island Enterprise Zone Council approved the city's bid for a 5-year extension of its Port of Providence, beginning March 31, 2012 and extending through December 2016.

The EZ credit allows elgibile C-Corporations to apply for a one-time $2500 tax credit for each new hire, and a one-time $5000 credit for each new hire who comes from any Enterprise Zone in the state of Rhode Island.

The cities of Providence and Cranston argued for the extension, because of the significant economic development tool it offers the respective communities. The EZ district of the Port of Providence includes the Port and certain surrounding neigborhoods along the waterfront.