- Associated Press - Friday, June 5, 2015

PROVIDENCE, R.I. (AP) - Providence’s mayor and city council leadership have introduced a tax plan for businesses on former Interstate 195 land.

Mayor Jorge Elorza and City Council President Luis Aponte introduced their proposal to the city council Thursday.

The plan would allow developers of projects worth more than $10 million to receive 13-year tax stabilization agreements with the city. They would pay only the base land tax for the first three years, followed by incremental increases over the next decade.

The proposal allows for a seven-year extension of tax breaks for projects that create at least 150 permanent jobs.

The proposal was referred to the council’s finance committee.

Also Thursday, the Senate Finance Committee heard testimony on a bill that would establish 20-year tax breaks. The bill was held for further study.

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