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 includes the insertion of language to extend the potential exemption or stabilization period for taxes on qualifying property used for manufacturing, industrial, or commercial purposes from the current ten (10) years to twenty (20) years. Additionally, the bill inserts the term "industrial" in various places to explicitly include industrial property alongside manufacturing and commercial property in the provisions for tax exemption or stabilization.

The bill also clarifies the types of properties and personal properties that qualify for these tax benefits, including buildings or structures used for offices, manufacturing, industrial, or commercial enterprises, as well as personal property owned by a firm or concern in its manufacturing, industrial, or commercial enterprise. 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. The bill stipulates that properties under this exemption or stabilization must still pay taxes for the town's indebtedness and related financial obligations. The act would take effect upon passage and extends the exemption period to encourage industrial development and investment in the town of Smithfield.

Statutes affected:
7660: 44-3-9.11