The bill amends Section 44-3-4 of the General Laws to update the veterans’ exemptions for property taxation. It specifies that honorably discharged veterans from various conflicts, including the Cold War and other specified military engagements, are eligible for a tax exemption on their property, with the amount varying by municipality. The exemption also applies to the unmarried widow or widower of such veterans. The bill details that the exemption is applied to the property in the municipality where the veteran resides, and if the property value does not exhaust the exemption, the balance can be claimed in other cities or towns where the veteran owns property. The bill includes a new insertion that expands the property eligible for these exemptions to include any life estate held by the qualified veteran.

The exemptions and tax credits vary by location, with specific amounts set for each area, such as up to $7,500 in Central Falls and up to $22,500 in Cumberland. The bill also allows for additional exemptions for totally disabled veterans and those with service-connected disabilities, with varying conditions and amounts depending on the town, such as up to $8,250 in Warren for partially disabled veterans. Some towns, like Charlestown, may offer tax credit reductions instead of exemptions, and others, like Jamestown, may provide additional tax credits or exemptions for veterans who are 100% totally disabled. The bill is set to take effect on December 31, 2024, and aims to include life estate interests as property subject to veterans' exemptions from taxation.

Statutes affected:
2322: 44-3-4