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.
