PROVIDENCE, R.I. (AP) _ A Providence official says a program designed to help businesses create jobs in exchange for tax breaks has failed in many cases.
WPRI reports that a public records request shows Providence gave 81 tax breaks since 1992 allowing developers to gradually increase property tax payments over 10, 15 or 20 years in exchange for creating jobs and filling buildings.
Michael D'Amico, the city's director of administration, says most of the deals accomplished those goals. But in some cases, the tax subsidy was greater than the benefits.
D'Amico says the projected value of many deals failed to accurately estimate how much the city would ultimately lose in tax revenue.
And he says many deals failed to establish a way for owners to pay all their taxes based on their property's value.
Photo Credit:Shutterstock Bruce Rolff