The bill amends Section 44-3-3 of the General Laws to update the list of property exempt from taxation. It includes property belonging to the state, the United States, certain securities, real estate for military purposes, public schools, religious worship, clergy dwellings, intangible personal property for religious or charitable purposes, educational institutions, burial grounds, libraries, veterans' organizations, fraternal bodies, volunteer services, and individuals unable to pay taxes due to infirmity or poverty. The bill also exempts household furniture, personal items, nuclear fallout improvements, aircraft with paid fees, and manufacturer’s inventory. It defines a manufacturer and the conditions for exemption, and addresses tax liens and exemptions in specific towns, with a five-year lien period on exempt property.

The bill also provides tax exemptions for real and tangible personal property used for pollution control, manufacturing machinery and equipment, precious metal bullion, hydroelectric equipment, and property owned by or leased to certain charitable organizations. It specifies exemptions for property used in recycling, hazardous waste treatment, motorboats with paid fees, and properties of various non-profit organizations. Additionally, the bill exempts property of Wood River Health Services, Inc. and outlines the valuation process for for-profit hospital facilities' property transitioning from nonprofit status. Cities, towns, or fire districts may establish exemptions for tangible personal property to promote economic development. The act would take effect upon passage.

Statutes affected:
5754: 44-3-3