Funding Opportunities, Tax Credits, and Related Programs
Incumbent Worker Training Grants (Annual)
Matching grants between $5,000 – $40,000 for RI businesses to increase the skills of current employees and increase their competiveness and productivity for their business and workers. Bonus funds are available to companies that provide a youth or unemployed adult with a subsidized internship/work experience. These bonus funds will offset the employer’s contribution. Businesses must pay into the Job Development Fund (JDF) to be eligible. Awards are based on a competitive Request for Proposals.
For more information visit http://www.gwb.ri.gov and click on the Grants and Awards tab
Incumbent Worker Training Grants (Express)
Matching grants up to $5,000 for RI businesses to increase the skills of current employees and increase their competiveness and productivity for their business and workers are awarded on a rolling basis. Businesses must pay into the Job Development Fund (JDF) to be eligible. Applications may be submitted on-line. Grants are non-competitive and are awarded within a few weeks of receipt. Training must occur within 90 days of approval. For more information visit http://www.gwb.ri.gov and click on the Grants and Awards tab
RI Work Immersion Program
College Students and Recent College Graduates: The Governor's Workforce Board Work Immersion Program provides a 50% wage subsidy to RI employers that provide a qualifying paid internship to a RI college student or a recent RI college graduate (within the last 6 months). Internships must either provide college credit or receive an endorsement from the intern's college or university. The internships must pay between minimum wage and $20 per hour and can last from 45 to 400 hours. Businesses that hire interns at the end of the internships will receive additional 25% wage reimbursement.
Unemployed Adults: The Work Immersion Program also provides a 50% wage subsidy to employers that provide a paid work experience of between 60 – 400 hours to unemployed adults. Participants must be referred by a public or private-sector program providing pre-employment services to unemployed Rhode Islanders. Employers that permanently hire the unemployed adult at the completion of the work immersion will receive additional 25% wage reimbursement. For more information visit http://www.gwb.ri.gov/ and click on the Internships tab
Job Training Tax Credit
Rhode Island law (RIGL 42-64.6) grants a credit against the corporate income tax (or the insurance premium tax) equal to 50% of eligible training expenditures for new or existing employees, in accordance with an approved training plan. Employees must be full-time, and after training, the employee must earn at least 150% of the Rhode Island minimum wage. Training plans must be filed with the Governor’s Workforce Board for prior written approval. The credit is capped at $5,000 per employee over a three-year period, and employee must remain employed for at least 18-months beyond the training.