The bill amends Section 44-3-9 of the General Laws in Chapter 44-3, which is entitled "Property Subject to Taxation." The amendment introduces new provisions that allow cities and towns to exempt or stabilize taxes on property used for manufacturing, commercial, or residential purposes for up to twenty years, under certain conditions. These conditions include benefits to the city or town such as attracting or retaining manufacturing or commercial concerns, improving the physical plant for long-term economic benefit, or converting land that requires substantial environmental remediation. The amendment also specifies that properties with tax exemptions or stabilized taxes are not further liable to taxation by the city or town as long as they are used for the purposes for which the exemption or stabilization was granted, except for taxes assessed for paying off city or town and state indebtedness.

Additionally, the bill introduces new hiring requirements for developers or contractors seeking tax stabilization agreements. Cities and towns must request that these entities employ at least 20% women, 25% minorities noncongruent, and 51% residents of the state. These percentages also apply to the total work hours completed by journeypersons and apprentices. The bill also extends the tax stabilization period by an additional ten years for a specific property in Providence, Rhode Island. The act would take effect upon passage and aims to ensure that tax stabilization benefits are tied to specific employment diversity and residency criteria.

Statutes affected:
5949: 44-3-9