Rhode Island considers tax credits for biotech company
PROVIDENCE, R.I. (AP) — Rhode Island is considering using tax incentives to attract a Massachusetts pharmaceutical company.
The Providence Journal reports the Commerce Corporation board is scheduled to vote on the incentives Thursday for Rubius Therapeutics. Commerce Secretary Stefan Pryor says the Cambridge-based company is planning to open a 135,000-square-foot facility in Smithfield. The project will cost about $155 million.
Rubius specializes in red blood cell therapeutics. The company is expected to create over 150 jobs.
The board will consider Qualified Jobs and RebuildRI incentives for the company. Qualified Jobs incentives would amount to $3.7 million over 10 years while RebuildRI incentives would total $2.75 million.