TITLE 42

State Affairs and Government

CHAPTER 42-64.21

Rhode Island Tax Increment Financing

SECTION 42-64.21-2



   § 42-64.21-2  Legislative findings. –

(a) It is hereby found and declared that due to long- term and short-term

stagnant or declining economic trends in Rhode Island, businesses in the state

have found it difficult to make investments that would stimulate economic

activity and create new jobs for the citizens of the state. Moreover, such

economic trends have caused business closures or out-of-state business

relocations, while other out-of-state businesses are deterred from relocating

to this state. This situation has contributed to a high rate of unemployment in

the state. Consequently, a need exists to promote the retention and expansion

of existing jobs, stimulate the creation of new jobs, attract new business and

industry to the state, and stimulate growth in real estate developments and/or

businesses that are prepared to make meaningful investment and foster job

creation in Rhode Island.



   (b) Through the establishment of a tax increment financing

program, Rhode Island can take steps to stimulate business development; retain

and attract new business and industry to the state; create good-paying jobs for

its residents; assist with business, commercial, and industrial real estate

development; and generate revenues for necessary state and local governmental

services.



History of Section.

(P.L. 2015, ch. 141, art. 19, § 4.)