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 can grant these benefits if it determines that such actions will benefit the town by encouraging businesses to locate, expand, or upgrade their facilities in the town, leading to increased employment or investment in manufacturing, industrial, or commercial building investment.

The bill clarifies the definitions of real and personal property used for manufacturing, industrial, or commercial purposes, including buildings or structures used for offices, manufacturing, industrial, commercial enterprises, wholesale, warehouse, distribution, storage businesses, service industries, and related land not used for residential purposes, as well as furniture, fixtures, equipment, machinery, stock in trade, and inventory. Properties granted tax exemption or stabilization will not be further taxed by the town as long as they are used for the intended purposes. However, they must still pay taxes for the town's and state's indebtedness and related financial obligations. The act would take effect upon passage and extends the exemption period from ten to twenty years, while also classifying real and tangible personal property as industrial for taxation purposes.

Statutes affected:
7660: 44-3-9.11