The bill amends Section 44-3-56 of the General Laws in Chapter 44-3, titled "Property Subject to Taxation," specifically concerning the town of Burrillville. It introduces a provision for the town council to grant a dollar tax credit in lieu of tax exemptions as allowed by various sections of the law and chapter 22 of the public laws of 1973. The eligibility for the dollar tax credit is based on the criteria set forth in the mentioned sections and chapter. Additionally, the town council may establish a dollar tax credit based on household gross income for those who meet certain criteria.

The bill also includes a significant change to the existing law by increasing the cap on the total amount of all flat rate tax credits from three percent (3%) to four percent (4%) of the prior year's tax levy. This expansion allows for a greater amount of tax credits to be issued. The act is set to take effect upon passage.

Statutes affected:
6291: 44-3-56