Good news, Rhode Islanders! We paid another company to locate in Rhode Island jobs that it already planned to create:
The Commerce Corporation board approved up to $2.1 million in tax credits that Magellan can receive over 10 years if it creates 75 new jobs. An additional 25 full-time jobs are also expected to be added by the company. Commerce Secretary Stefan Pryor said an outside analysis showed the deal will be revenue-positive for the state.
In case you don’t have a calculator handy, that’s $28,000 per job. This is madness. Bureaucrats and political operatives are playing the big shots with our money with no real skin of their own in the game.
If we have to subsidize companies to the tune of $28,000 per job to locate in our state, we’re clearly making it $28,000 too expensive to create jobs in Rhode Island.