This bill amends current law to allow the city of Providence to enter into a thirty-year tax exemption agreement for property located at the Port of Providence. The agreement would exempt the property from payment of real and personal property taxes, or determine a stabilized amount of taxes to be paid on the property. This exemption or stabilization would be granted based on the willingness of a manufacturing or commercial or residential firm or property owner to construct new or improve existing buildings, facilities, machinery, or equipment, resulting in an increase or maintenance in investment by the firm or property owner in the city. The bill also specifies that renewable energy resources qualify for tax stabilization agreements. This bill would take effect upon passage.

Statutes affected:
5783: 44-3-9