EDC aids start-up companies

Tax credit requests from approved Lighthouse Security Group, Ocean State Solutions, Providence Health Solutions and Public Display

The Rhode Island Economic Development Corporation has approved four requests for tax credits designed to help start-ups attract investment. The four companies — Lighthouse Security Group, Ocean State Solutions, Providence Health Solutions and Public Display — had received preliminary approval at an EDC board meeting in November. They were among six companies to receive an Innovation Tax Credit good for up to $100,000 off the individual state income-tax bill of any investor. Lighthouse received $50,000 in tax credits; Ocean State got $5,000, Providence Health collected $75,000, and Public Display received $100,000, according to Andrew S. Cutler, an EDC spokesman. The program reimburses investors for 50 percent of their investments, so that means these four companies raised double those amounts, Cutler said.

Full Story: EDC aids start-up companies Source: Providence Journal, January 30th, 2008