The bill amends Section 44-3-3 of the General Laws, detailing exemptions from property taxation for various entities and types of property in Rhode Island, with an effective date of January 1, 2024. It includes exemptions for property belonging to the state, federal lands, certain securities, military real estate, public schools, religious buildings, and clergy dwellings, among others. The bill also exempts property used for pollution control, manufacturing machinery, and equipment, as well as hydroelectric power-generation equipment. It provides definitions for terms such as "manufacturer" and "manufacturer's inventory," and outlines the tax status of property leased to non-exempt entities. Additionally, it includes provisions for the town of Smithfield to bill for emergency services to certain private nonprofit corporations unless an agreement is reached.

The bill further exempts property owned by veterans' organizations, fraternal bodies, volunteer services, and individuals unable to pay taxes due to infirmity or poverty. It exempts household items, improvements for nuclear fallout protection, and property used by various nonprofit organizations, including the Providence Performing Arts Center and the Rhode Island Philharmonic Orchestra and Music School. The bill also allows for exemptions of renewable energy resources and properties of specific non-profit corporations. It introduces a new provision exempting the Little Compton Game Club from taxation and addresses the valuation of for-profit hospital facilities for tax purposes. Cities, towns, and fire districts are permitted to establish exemptions for tangible personal property to encourage business and economic development. The act will take effect upon passage, with no specific insertions or deletions indicated in the summary provided.

Statutes affected:
7755: 44-3-3