The bill amends Section 44-3-9.11 of the General Laws in Chapter 44-3, titled "Property Subject to Taxation," specifically concerning the town of Smithfield. The amendment allows the town council of Smithfield to authorize tax exemptions or stabilize taxes on real and/or personal property used for manufacturing, industrial, or commercial purposes for up to 20 years, an increase from the previous 10-year limit. The council may grant these benefits if it determines that such actions will benefit the town by encouraging firms to locate, expand, or upgrade their facilities within the town, leading to increased employment or investment in manufacturing, industrial, or commercial building.

The bill clarifies the definitions of "real property" and "personal property" used for manufacturing, industrial, or commercial purposes, including buildings or structures used for various business activities and the personal property owned by firms in their commercial enterprises. The exemption or stabilization of taxes will remain in effect as long as the property is used for the purposes for which the benefit was granted. However, the property must still pay its share of taxes for town and state indebtedness. The act would take effect upon passage and extends the potential exemption period to encourage industrial development in Smithfield.

Statutes affected:
2350: 44-3-9.11