Providence leaders support standardized tax proposal
PROVIDENCE, R.I. (AP) — Providence Mayor Jorge Elorza says he supports a new proposal that would standardize special tax deals.
Under an ordinance set to be introduced Thursday, developers would qualify for tax-stabilization agreements based on the amount of money they plan to spend on construction. WPRI-TV reports the Democratic mayor supports the Providence Tax Stabilization Investment Act, which would not require public input or a City Council vote for projects to receive the incentives.
Democratic Councilman David Salvatore says the proposal employs a responsible approach to economic development. He has previously advocated for a program to award tax breaks administratively, rather than through council approval.
The mayor’s office says Elorza will be sending out his own press release about the proposal, but supports the ordinance.
Information from: WPRI-TV, http://www.wpri.com