PROVIDENCE, R.I. - The House Finance Committee will consider Chairman Helio Melo's bill creating a new incentive program for local manufacturers at a Thursday hearing.
The proposed "Manufacturing Industry Revitalization Act" is a key piece of House Speaker Gordon D. Fox and Democrats' economic development package.
Under the proposal, companies would have to invest at least $10 million in real estate, building, equipment or other capital purchases and create at least 100 new full-time jobs in order to qualify.
They would receive an annual reimbursement of $500 per each new worker, so long as the positions earn at least 200 percent of the state minimum wage and work a minimum of 30 hours a week.
Electric Boat, a submarine maker with a manufacturing facility at Quonset Point in North Kingstown, has said it is supportive of the measure, even though it is not expected to testify Thursday.
"We support this bill based on the effect it would have on our efforts to control costs for our customer, the United States Navy, as well as the effect it would have on economic development and job creation in Rhode Island," Robert A. Hamilton, Electric Boat's communications director, said in a statement.