government

Central Falls receiver proposes tax incentives

COURTESY WIKIMEDIA / MARC BELA
STATE-appointed Receiver Robert G. Flanders Jr. is proposing a series of tax incentives for businesses that hire or make capital investments in the bankrupt city as well as breaks for homeowners, veterans and senior citizens, Gov. Lincoln D. Chafee announced Wednesday.
Posted 1/12/12

CENTRAL FALLS – State-appointed Receiver Robert G. Flanders Jr. is proposing a series of tax incentives for businesses that hire or make capital investments in the bankrupt city as well as breaks for homeowners, veterans and senior citizens, Gov. Lincoln D. Chafee announced Wednesday.

The Jobs Creation Incentive Plan would provide a 5-year personal property tax reduction for employers who hire within the city, plus additional tax incentives for providing group health insurance and making 20 percent of those new hires Central Falls residents.

The Real Property Improvement Incentive Plan would offer phased-in five-year tax exemptions to property owners based on the increased assessed value attributable to their investments in new construction, renovation or reoccupation of vacant or abandoned facilities.

To provide relief to struggling city homeowners, Flanders proposes 25 percent increases in the Homestead exemption and exemptions for senior citizens, veterans, widows of veterans and gold star citizens effective on 2012 property tax bills. He also proposed a 25 percent increase in the threshold for reassessing residential improvements.

“Now that the fiscal hemorrhaging has stopped, it's time to let businesses know that we're serious about helping them grow,” Flanders said in a statement announcing the proposal. “Central Falls has become nimble, innovative, and here to create jobs.”

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Jackson

CF has more potential for development that any other industrial area of RI due to its small size and easy access to MA. Fire and Police are pro business and very accommodating. The labor pool is excellent. For years the State has ignored CF, and most voters have written them off long ago. It takes a visionary to see an opportunity, when others see a negative situation. I commend Mr. Flanders for his thought process. Incentives is what this area as been missing in my 26 years as a business owner. RI Economic Development Corp only wants to deal with headliners. Meanwhile it is the small business community that creates jobs, and a stable tax base.

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