CVS receives 78% of RI's tax credits UPDATED

Providence, RI – Of Rhode Island's $22.6 million dollars in tax credits for fiscal year 2011, Woonsocket based CVS Pharmacy received more than $17.7 million dollars.

According to the latest report by the state division of taxation, CVS tax credits made up about 78% of the state's overall tax incentives. And that percentage is growing. Last year the pharmacy giant received a little over half of the state's tax credits. And In 2009, the company's share was about 40 percent.

The Rhode Island Economic Development Corporation ranks CVS as the 6th largest employer in the state, employing nearly six thousand Rhode Islanders.

CVS Caremark says tax reductions have allowed the company to add more than 1,000 full-time employees and the incentives make Rhode Island an attractive place to continue hiring in the future.

A representative from the EDC was unavailable to comment on the tax incentives.

Do you have insight or expertise on this topic? Please email us, we'd like to hear from you.