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, and property held for religious or charitable purposes. Exemptions are also provided for educational institutions, burial grounds, libraries, veterans' organizations, fraternal bodies, volunteer services, and individuals unable to pay taxes due to infirmity or poverty. Additionally, the bill exempts household furniture, personal items, nuclear fallout improvements, aircraft with paid fees, and manufacturer’s inventory. It defines a manufacturer and specifies conditions for tax exemptions, including a provision for private nonprofit colleges or universities in Smithfield to reach an agreement with the town for services supplied, and allows the Cranston city council to exempt veterans' organizations' property up to $500,000.

The bill further details tax exemptions for property and equipment used in manufacturing and environmental management, including pollution control, manufacturing machinery, precious metal bullion, and hydroelectric power-generation equipment. It exempts property owned by or leased to charitable organizations, subject to city or town council authorization. The bill also provides exemptions for tangible personal property used in recycling, hazardous waste treatment, and properties of various non-profit organizations. It proposes new legal language to exempt the real and tangible personal property of Sojourner House in Providence and outlines the valuation process for for-profit hospital facilities' property taxes. Cities, towns, or fire districts are allowed to establish exemptions for tangible personal property to promote economic development, with the act taking effect upon passage.

Statutes affected:
789: 44-3-3