Six Rhode Island companies have been approved to receive the state’s new innovation tax credit, which is designed to help startup companies in high-wage industries to secure private venture capital...

...The credit essentially offers Rhode Island investors a tax credit of up to 50 percent – or no more than $100,000 – on a capital investment in any one of the six companies. The credits may be carried forward for up to three years.

The six companies:

• Bionica (Providence) - Design Lab spinoff developing a hearing aid
• Lighthouse Security Group (Lincoln) - Lighthouse Computer Services subsidiary focusing on IT security
• Ocean State Solutions (North Kingstown) - financial services firm developing mobile payment applications
• Providence Health Solutions (Providence) - web-connected team fitness programs
• Public Display (Providence) - web applications with information extraction technology
• Tizra (Providence) - web application for PDF manipulation and personal publishing