The bill amends Section 44-3-3 of the General Laws, detailing exemptions from property taxation effective January 1, 2024. It exempts various properties, including those belonging to the state, the United States, religious and educational institutions, and certain properties of Brown University's officers. It also exempts intangible personal property held for religious or charitable purposes, veterans' organizations, fraternal bodies, volunteer services, and individuals unable to pay taxes due to infirmity or poverty. Household items and improvements for fallout protection are exempt up to $1,500, and healthcare facilities or institutions of higher education used by non-exempt entities will be taxed to the tenant. The city of Cranston may exempt certain veterans' organization property up to $500,000. The bill defines a "manufacturer" and "manufacturer's inventory," and exempts pollution control equipment, manufacturing machinery, and equipment acquired after December 31, 1974, from taxation. Municipalities may adopt ordinances to exempt certain machinery and equipment, and the bill exempts precious metal bullion and hydroelectric power-generation equipment.

The bill lists exemptions for motorboats with paid fees, properties of nonprofit organizations and corporations like the Providence Performing Arts Center, and properties used for children's activities. It exempts renewable energy resources used in residential systems and by manufacturers, and allows for exemptions within the town of Charlestown's community limits. It also exempts real and personal property of various other nonprofit organizations and educational institutions within specific Rhode Island cities and towns. The bill includes a deletion and an insertion, removing the conjunction "and" after the Little Flower Home property description and adding the Johnnycake Center Realty Corporation property as tax-exempt. It addresses the valuation of real property for for-profit hospital facilities and allows for-profit hospital facilities to be taxed based on the most recent assessment, with the right to appeal. Cities, towns, or fire districts can establish exemptions for tangible personal property to aid businesses and promote economic development. The act will take effect upon passage.

Statutes affected:
2092: 44-3-3