This bill amends Section 44-3-3 of the General Laws in Chapter 44-3 entitled "Property Subject to Taxation". The amendment adds new legal language exempting certain properties from taxation. The exempt properties include property belonging to the state, lands ceded or belonging to the United States, bonds and other securities issued and exempted from taxation by the government, real estate used exclusively for military purposes, buildings for free public schools and religious worship, dwellings houses and land owned by religious organizations, intangible personal property owned by religious or charitable organizations, buildings and personal estate used for educational purposes, property exempt by charter, burial grounds, property held by libraries or nonprofit hospitals, property belonging to veterans organizations, property held by fraternal organizations, property of volunteer fire engine companies or ambulance or rescue corps, property of individuals unable to pay taxes due to infirmity or poverty, household furniture and family stores, and improvements made to provide shelter and fallout protection from nuclear radiation.

This bill makes several amendments to current law regarding tax exemptions for certain types of property. It adds a new provision that exempts aircraft for which the required fee has been paid to the tax administrator. It also clarifies the definition of "manufacturer's inventory" to include raw materials, work in process, and finished products that have not been sold, leased, or traded by the manufacturer. The bill further defines a "manufacturer" as a person whose principal business involves transforming raw materials into a finished product for trade. It also includes provisions for the exemption of manufacturing machinery and equipment, as well as precious metal bullion and hydroelectric power-generation equipment.

Statutes affected:
7061: 44-3-3