The bill proposes amendments to Section 44-3-3 of the General Laws in Chapter 44-3, "Property Subject to Taxation," to update the list of properties exempt from taxation. It includes a variety of properties such as those belonging to the state, the United States, religious and educational institutions, veterans' organizations, and personal property held for religious or charitable purposes. The bill also exempts household items, nuclear fallout improvements, aircraft, and manufacturer’s inventory. Notably, it requires a private nonprofit college or university in Smithfield to reach an agreement with the town for police, fire, and rescue services costs, and allows the Cranston city council to exempt veterans' organizations' property up to $500,000. Additionally, it sets a five-year lien period on exempt property in Burrillville and West Greenwich.

The bill further defines a manufacturer and the conditions under which a business is considered primarily engaged in manufacturing, excluding certain operations like public utilities and construction. It exempts property used for pollution control, manufacturing machinery and equipment, precious metal bullion, hydroelectric equipment, and property owned by or leased to charitable organizations from taxation. The bill also extends exemptions to tangible personal property used in recycling, hazardous waste treatment, and properties of various non-profit organizations, including those involved in the arts, education, and community service. Lastly, the bill seeks to specifically exempt the real and tangible personal property of the Brain Injury Association of Rhode Island, Inc., located in East Providence, retroactively applying to tax assessments from December 31, 2021.

Statutes affected:
6478: 44-3-3