The bill amends Section 44-3-3 of the General Laws, detailing exemptions from property taxation in Rhode Island, effective January 1, 2024. It exempts various properties, including those belonging to the state, the United States, religious and educational institutions, veterans' organizations, and those owned by individuals unable to pay taxes due to infirmity or poverty. The bill also specifies that property used by non-exempt entities within healthcare facilities or institutions of higher education will be taxed, and it allows the city of Cranston to exempt certain veterans' organization property up to $500,000. Additionally, it defines a "manufacturer" and "manufacturer's inventory" for tax purposes, exempts pollution control and manufacturing machinery from taxation, and allows municipalities to exempt certain machinery and equipment.

The bill also lists specific exemptions for hydroelectric power-generation equipment, properties owned by or held in trust for organizations focused on conserving open space, and tangible personal property used for recycling. It exempts properties of various nonprofit organizations and corporations, including the Providence Performing Arts Center and Meeting Street Center, as well as properties used for children's recreational, educational, and character-building activities. Furthermore, it adds the Providence Preservation Society to the list of nonprofit corporations exempt from property taxes and addresses the taxation of for-profit hospital facilities, allowing them to appeal tax assessments and enter into stabilization agreements with cities and towns. The act empowers local authorities to establish exemptions for tangible personal property to promote economic development and requires uniform application of such exemptions. The act is set to take effect upon passage.

Statutes affected:
7535: 44-3-3