The bill amends Section 44-3-9 of the General Laws in Chapter 44-3 entitled "Property Subject to Taxation" to allow the city or town council to exempt from payment, in whole or in part, real and personal property taxes or to determine a stabilized amount of taxes for properties used for manufacturing, commercial, or residential purposes. This exemption or stabilization can be authorized for up to twenty years, with conditions such as environmental remediation, historical preservation, or use for affordable housing. The bill specifies that granting such exemptions or stabilizations should benefit the city or town by encouraging businesses to locate, expand, or retain their facilities and workforce, or by improving the physical plant for long-term economic benefit. It also allows for tax stabilization agreements for renewable energy resources.

Additionally, the bill includes a new insertion that grants the city council of Providence the authority to enter into a tax exemption agreement for up to thirty years for specific properties located at various plats and lots within the city. This is in addition to the existing authority to enter into a twenty-year tax exemption agreement, which is set to expire on September 30, 2024. The bill specifies that the agreement may include a revenue-sharing arrangement and is not a substitute for the existing twenty-year agreement. The act would take effect upon passage and specifically authorizes Providence to enter into a thirty-year tax exemption agreement relating to the Port of Providence.

Statutes affected:
5783: 44-3-9