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.”