It is enacted by the General Assembly as follows:
SECTION 1. Chapter 44-3 of the General Laws entitled "PROPERTY SUBJECT TO TAXATION" is hereby amended by adding thereto the following section:
{ADD 44-3-47. Economic development tax incentive program - City of Cranston - Exemptions. -- ADD} {ADD The city council of the city of Cranston may, by ordinance, provide exemptions from assessed valuation for real and tangible personal property of property owners or businesses which create jobs in the city of Cranston and any property owners or businesses for any retrofit, expansion, or renovation of specifically permitted uses; provided, however, that such exemption shall be for a period of not more than ten (10) years. ADD}
SECTION 2. This act shall take effect upon passage.
