The bill seeks to revise the property tax exemptions for nonprofit colleges, universities, and hospitals, acknowledging that the property owned by these entities has expanded to include commercial ventures not directly related to their core missions. It aims to update the tax exemption status to reflect modern public policy considerations and the financial impact on local communities. The proposed amendments to Section 44-3-3 of the General Laws include an insertion that limits tax exemptions for buildings and personal estate owned by corporations used for educational purposes, except for nonprofit institutions of higher education. Additionally, the bill removes a clause that previously exempted the estates, persons, and families of the president and professors of Brown University for a certain amount.

The bill also details various property types that remain exempt from taxation, such as burial grounds, property for library purposes, property belonging to veterans' organizations, and property held by fraternal corporations for charitable purposes. It clarifies the definition of a manufacturer for tax purposes and exempts property used for pollution control. Furthermore, the bill specifies exemptions for manufacturing machinery and equipment, allowing local councils to exempt such machinery and equipment from taxation under certain conditions. It also lists specific exemptions for properties owned by various non-profit organizations and foundations, provided they meet the criteria of being tax-exempt under the United States Internal Revenue Code. The bill does not indicate any insertions or deletions of legal language, suggesting it is a standalone list of exemptions rather than an amendment to existing law.

Statutes affected:
878: 44-3-3