The bill amends Section 44-3-9 of the General Laws in Chapter 44-3 entitled "Property Subject to Taxation" to allow for the exemption or stabilization of taxes on property used for manufacturing, commercial, or residential purposes. The amendment permits city or town councils, after public hearings, to exempt from payment, in whole or in part, real and personal property taxes for a period not exceeding twenty years. This exemption can be applied to properties that have undergone environmental remediation, are historically preserved, or are used for affordable housing, manufacturing, commercial, or residential purposes. The exemption or stabilization is contingent upon the determination that such measures will benefit the city or town through various means, such as encouraging businesses to locate, expand, or retain their facilities and workforce, or by converting land or facilities that would otherwise be undevelopable.

The bill also includes new provisions specifically for the city of Providence. It allows the city council of Providence to extend tax stabilization agreements for real property located at 111 Westminster Street by an additional ten years, beyond the standard twenty-year period. Furthermore, the city council of Providence is granted the authority to enter into a thirty-year tax exemption agreement for real and personal property located at specified plats and lots within the city, with the possibility of adding more plats and lots as per the terms of the agreement. This agreement may include a revenue-sharing arrangement and is in addition to the existing authority to enter into a twenty-year tax exemption agreement set to expire on September 30, 2024. The act would take effect upon passage and specifically authorizes the city of Providence to enter into a thirty-year tax exemption agreement relating to the Port of Providence.

Statutes affected:
923: 44-3-9