McInnis Cement seeks tax stabilisation agreement to improve Providence Port building

Print this page

Canada/USA: McInnis Cement's plan to import cement through the Port of Providence, Rhode Island is scheduled for a hearing on 12 November 2015 at Providence City Hall on its request for tax incentives to improve its local facility.

McInnis USA, a subsidiary of Montreal-based McInnis Cement, has requested a 12-year tax stabilisation agreement for the property taxes it will pay on planned improvements to an industrial building at ProvPort. The company has requested a similar tax stabilisation agreement for tangible property taxes.

The site would be turned over to McInnis under a long-term lease, which would restore the facility as a taxable location. Under the property tax stabilisation agreement, the company would pay taxes of US$50,000 for the first three years. Full taxes would begin to be phased in in the fourth year, based on a projected assessment of US$5m. The full value of its Providence facility would be determined in the seventh year, after which full taxes would begin to be phased in.

McInnis Cement operates a limestone quarry in southern Quebec and is building a 2.2Mt/yr cement plant, as well as a maritime terminal, in Gaspesie, a town in Quebec, Canada.

Last modified on 18 November 2015

Register for the Global Cement Weekly email newsletter

Global Cement Weekly is Global Cement’s weekly email newsletter. Keep up to date with cement industry news, analysis, diary dates and news of people in the sector.

Register >

URL: https://www.globalcement.com/news/item/4354-mcinnis-cement-seeks-tax-stabilisation-agreement-to-improve-providence-port-building

© 2024 Pro Global Media Ltd. All rights reserved.