Rhode Island 2024 Regular Session

Rhode Island House Bill H8158

Introduced
4/10/24  

Caption

Grants the city of Woonsocket the authority to extend tax stabilization agreements within the city, for properties currently occupied by CVS at 1 CVS Drive, 100 Highland Industrial Park Drive, and other properties in the city.

Impact

If passed, HB H8158 would specifically impact the general powers-related statutes pertaining to local governments in Rhode Island, particularly those involving taxation and economic incentives. The bill allows Woonsocket's city council greater flexibility in negotiating tax agreements, helping local authorities tailor solutions to attract businesses. Such enhancements in local governance can lead to increased revenue through stabilizing the business climate and potentially increasing job opportunities for residents.

Summary

House Bill H8158 introduces provisions allowing the city of Woonsocket to extend tax stabilization agreements specific to properties occupied by CVS at designated addresses. The bill emphasizes the local government's ability to manage financial incentives aimed at promoting economic stability and growth within the city. By enabling these tax agreements, the bill seeks to retain businesses, potentially attracting additional investment into the local economy. The bill was introduced in response to ongoing conversations about economic development strategies that cities can leverage to maintain and attract businesses in their areas.

Contention

While the bill primarily supports pro-business initiatives, concerns may arise regarding equity and fairness in tax practices. Local critics could argue that these agreements might disproportionately benefit larger corporations like CVS while neglecting smaller businesses or different sectors that also require support. This tension between attracting major companies and fostering a diversified business ecosystem could prompt debates about the long-term fairness and sustainability of such tax stabilization measures in Woonsocket.

Companion Bills

No companion bills found.

Previously Filed As

RI S0868

Joint Resolution Authorizing The State To Enter Into A Financing Agreement Relating To School Construction In The City Of Pawtucket (authorizes The State To Finance The Construction Of A New High School And Facilities And All Expenses Incident Thereto.)

RI H6211

Joint Resolution Authorizing The State To Enter Into A Financing Agreement Relating To School Construction In The City Of Pawtucket (authorizes The State To Finance The Construction Of A New High School And Facilities And All Expenses Incident Thereto.)

RI H6267

House Resolution Congratulating Fire Chief Paul Shatraw On His Retirement After Nearly Four Decades Of Exemplary And Devoted Service To The Citizens Of Woonsocket

RI H6276

Authorizing The Town Of South Kingstown To Issue Not To Exceed $125,000,000 General Obligation Bonds And Notes To Finance The Acquisition, Construction, Improvement, Renovation, Furnishing And Equipping Of A New High School, Athletic Facility, And Other School Facilities In The Town And All Expenses Incident Thereto, Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping And Parking And All Attendant Expenses, Including Engineering, Architectural And Other Project-related Consulting Costs, Provided That The Authorization Shall Be Reduced By The Amount Of Certain Grants Received From State Bond Proceeds, From The Rhode Island Department Of Education Or From The Rhode Island School Building Authority

RI S0994

Authorizing The Town Of South Kingstown To Issue Not To Exceed $125,000,000 General Obligation Bonds And Notes To Finance The Acquisition, Construction, Improvement, Renovation, Furnishing And Equipping Of A New High School, Athletic Facility, And Other School Facilities In The Town And All Expenses Incident Thereto, Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping And Parking And All Attendant Expenses, Including Engineering, Architectural And Other Project-related Consulting Costs, Provided That The Authorization Shall Be Reduced By The Amount Of Certain Grants Received From State Bond Proceeds, From The Rhode Island Department Of Education Or From The Rhode Island School Building Authority

RI H5229

Special License For Motorcycles, Motor Scooters And Other Motor-driven Cycles

RI H6373

House Resolution Extending The Reporting And Expiration Dates Of The Special Legislative Commission To Study And Review The Cost And Status Of The State Of Rhode Island Owned, Vacant, And Abandoned Properties And Provide Recommendations For Methods To Mitigate The Associated Expenses (extends The Reporting And Expiration Dates Of The Commission To Study And Review The Cost And Status Of The State Of Rhode Island Owned, Vacant, And Abandoned Properties, From May 1, 2023, To May 31, 2024, And Would Expire On June 30, 2024.)

RI S0777

Senate Resolution Reinstating The Life Of And Extending The Reporting And Expiration Dates Of The Special Legislative Commission To Analyze And Make Recommendations Regarding Tax Exempt Properties In The State Of Rhode Island (this Resolution Reinstates The Life And Extends The Reporting And Expiration Dates Of The Commission To Analyze And Make Recommendations Regarding Tax Exempt Properties, From April 1, 2022, To July 1, 2023, And Would Expire On August 31, 2023.)

RI H6479

Authorizing The Town Of Cumberland To Issue Not To Exceed $52,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of A New Elementary School And Other Related School Facilities And The Demolition Of An Existing Elementary School On Land Presently Occupied By The B.f. Norton School In The Town Provided That The Authorization Shall Be Reduced By Any Grant Received From The School Building Authority Capital Fund

RI S1091

Authorizing The Town Of Cumberland To Issue Not To Exceed $52,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of A New Elementary School And Other Related School Facilities And The Demolition Of An Existing Elementary School On Land Presently Occupied By The B.f. Norton School In The Town Provided That The Authorization Shall Be Reduced By Any Grant Received From The School Building Authority Capital Fund

Similar Bills

No similar bills found.