The bill amends the General Laws regarding the taxation of vehicles and trailers, specifically prohibiting cities or towns from assessing taxes on any vehicle or trailer registered under chapter 3 of title 31, while deleting the previous allowance for such taxation under chapter 34 of title 44. It also revises the fiscal year for reimbursements from state general revenues to cities, towns, and fire districts from 2000 to 2024, reflecting the updated timeline for the phase-out of the excise tax. The bill specifies that once the tax is phased out, these entities will receive a permanent distribution of sales tax revenue to compensate for lost revenue. It includes a detailed schedule for the distribution of funds and specifies reimbursement amounts for fiscal year 2024, with Barrington receiving $5,894,822 as an example.

The bill repeals Chapter 44-34 of the General Laws, which pertained to the excise on motor vehicles and trailers, and replaces it with new provisions, including a restructuring of the laws governing motor vehicle and trailer taxation. It eliminates the existing provisions for prorating vehicle and trailer excises and removes the language specifying how the excise levy is calculated. The bill also strikes out sections that allowed for abatements for errors in tax assessments and exemptions for certain vehicles, replacing them with a new section, "44-34-3. Assessment roll — Rate — Payment — Penalty upon non-payment," although the specific content of this new section is not provided. Additionally, the bill introduces changes to the vehicle and trailer tax situs, exemptions for certain vehicles used in interstate commerce, property tax exemptions for veterans and other individuals, and the application of taxes in fire districts, replacing deleted sections with new sections whose specific content is not detailed.

Statutes affected:
5619: 44-3-2.2, 44-34.1-2, 31-2-13