- Associated Press - Thursday, May 28, 2015

PROVIDENCE, R.I. (AP) - The state Senate majority leader is introducing legislation that would allow businesses on former Interstate 195 land in Providence to be exempt from property taxes for four years before paying taxes incrementally.

Sen. Dominick Ruggerio said he would introduce the bill Thursday.

The Providence Democrat says developers who have expressed interest in the land have said a tax-stabilization agreement is needed. He says the current lack of an agreement presents an obstacle for potential developers.

The bill proposes an initial four-year period of 100-percent exemption from property taxes, with 10 percent to 5 percent increases each year thereafter. Businesses would pay full taxes after 20 years.

Providence Mayor Jorge Elorza says he’s working with the City Council to develop the city’s tax-stabilization agreement.

Four more senators are co-sponsoring the bill.

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