The bill amends Section 44-3-3 of the General Laws, which details property tax exemptions in Rhode Island, with an effective date of January 1, 2024. It exempts various properties, including those owned by the state, religious organizations, educational institutions, veterans' organizations, and properties used for charitable purposes. Notable insertions include exemptions for certain properties in the towns of Charlestown and Smithfield, and a clause allowing Smithfield to bill nonprofit corporations for emergency services unless an agreement is in place. The bill also defines a manufacturer and their inventory, and it exempts manufacturing machinery and equipment, as well as hydroelectric power-generation equipment, from taxation.

Additionally, the bill provides tax exemptions for tangible personal property used in recycling, hazardous waste treatment, and renewable energy resources. It grants tax-exempt status to specific nonprofit organizations, including the Providence Preservation Society, and addresses the taxation of for-profit hospital facilities, allowing for stabilization agreements and exemptions to promote economic development. The act is set to take effect upon passage and does not mention any deletions from current law.

Statutes affected:
7535: 44-3-3