Senate bill would require a surety bond for tax credits

PROVIDENCE – A Cranston legislator has introduced a bill that would require developers who receive state tax credits to provide a surety bond that will assure they pay their contractors and suppliers.

Introduced by Sen. Frank Lombardi, D-Cranston, the measure also would require a sworn affidavit that the developer had no outstanding liens on any properties owned.

The proposal would apply to any developer whose project exceeds $5 million.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.

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