The bill amends Section 44-3-3 of the General Laws, which details property tax exemptions in Rhode Island, and will be effective starting January 1, 2024. It includes a new insertion that grants full tax exemption to properties in the town of Charlestown owned by religious organizations and used for specific religious purposes. The bill also introduces a provision for private nonprofit colleges and universities in the town of Smithfield, where they may be billed for municipal services unless an agreement is reached with the town. Definitions related to manufacturing are clarified, including what constitutes a manufacturer's inventory and the exclusion of certain operations from the definition of manufacturing. Tax exemptions are extended to property used for pollution control, manufacturing machinery and equipment, and hydroelectric power-generation equipment.

Furthermore, the bill exempts tangible personal property used for recycling, treatment of hazardous wastes, and conservation efforts, provided certain conditions are met. It also lists specific non-profit organizations and properties that are exempt from taxation, including the addition of the Center for Mediation and Collaboration Rhode Island in Warwick. The bill addresses the taxation of for-profit hospital facilities and allows for stabilization agreements and local exemptions to promote economic development. The act is set to take effect upon passage, granting immediate tax relief to the newly included non-profit organization.

Statutes affected:
7242: 44-3-3