This bill amends Section 44-3-3 of the General Laws in Chapter 44-3 entitled "Property Subject to Taxation". The amendment adds a new provision stating that certain property is exempt from taxation. The exempt property includes property belonging to the state, lands ceded or belonging to the United States, bonds and other securities issued and exempted from taxation by the government of the United States or of this state, real estate used exclusively for military purposes owned by chartered or incorporated organizations approved by the adjutant general and composed of members of the national guard, the naval militia, or independent, chartered-military organizations, buildings for free public schools and religious worship, dwellings houses and land owned by religious organizations and used by its officiating clergy, intangible personal property owned by religious or charitable organizations, buildings and personal estate owned by schools, academies, or seminaries of learning and incorporated public charitable institutions, property exempt by charter, lots of land exclusively for burial grounds, property held by libraries, societies, or free public library societies, property belonging to veterans organizations, property held by fraternal corporations or associations, property of volunteer fire engine companies or volunteer ambulance or rescue corps, property of persons unable to pay taxes due to infirmity or poverty, household furniture and family stores of a housekeeper, improvements made to provide shelter and fallout protection from nuclear radiation, and aircraft for which the required fee has been paid.
This bill also amends the definition of "manufacturer" in current law. It excludes public utilities, non-regulated power producers, building and construction contractors, and warehousing operations from the definition. It also includes persons engaged in manufacturing activities listed in the Standard Industrial Classification Manual, but excludes certain types of businesses such as neighborhood bakeries and custom tailors. The bill also provides definitions for "manufacturer's inventory" and "person" and requires the department of revenue to assist local assessors in determining the proper application of these definitions.
Statutes affected: 5754: 44-3-3