Gov. Gina Raimondo has announced that East Yorkshire, U.K.-based wind turbine maintenance company GEV Wind Power will establish its U.S. headquarters in Rhode Island.
The move will create an estimated 125 jobs, including support staff, blade technicians and management positions, which will be maintained “for at least 12 years.” A third-party analysis found that during that time, the state will have a projected $3.5 million net increase in personal income, sales, and business corporation taxes, as well as a $13.67 million increase of the state GDP.
As for GEV, it will receive up to $1.93 million in tax credits over a 10-year period, as per the Qualified Jobs Tax Credit. A release on the move stipulates that the specific amount of tax credit depends on the amount of new wages and jobs created by the company. GEV will only receive said credit “after jobs are created and generating state income tax withholdings.”
Raimondo expressed excitement as to what the move means for the state.
“Rhode Island is a national leader in offshore wind, and I’m thrilled that GEV WindPower is choosing our state for its U.S. headquarters,” she said. Over the past few years, we’ve created nearly 7,000 clean energy jobs and are on track to meet our goal of increasing renewable energy tenfold by next year. As this industry continues to grow, we will keep working to ensure Rhode Island remains the economic epicenter of offshore wind in the United States.”
While GEV leadership echoed their sentiments about industry impact, they emphasized the opportunity for Rhode Island workers.Read More
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