The bill amends Section 44-3-3 of the General Laws, detailing various property tax exemptions in Rhode Island, effective January 1, 2024. It exempts property belonging to the state, the United States, certain securities, real estate for military purposes, public schools, religious worship, and dwellings for clergy. It also exempts intangible personal property held for religious or charitable purposes, educational institutions, certain property of Brown University's officers, property especially exempt by charter, burial grounds, property held by libraries, charitable organizations, veterans' organizations, fraternal bodies, volunteer fire and ambulance services, and individuals unable to pay taxes due to infirmity or poverty. Household items and improvements for fallout protection are exempt, and property used by a non-exempt entity in a healthcare facility or institution of higher education will be taxed to the tenant. The city of Cranston may exempt certain veterans' organization property up to $500,000, and the bill includes provisions for liens and appeals related to tax exemptions.

The bill also defines "manufacturer" and "manufacturer's inventory," providing tax exemptions for property used primarily to control pollution, manufacturing machinery and equipment acquired after December 31, 1974, and allows municipalities to exempt certain machinery and equipment from taxation. It exempts precious metal bullion, hydroelectric power-generation equipment, and property owned by organizations focused on conserving open space, as well as tangible personal property used for recycling from hazardous wastes. The bill lists exemptions for motorboats, properties of nonprofit organizations and corporations, properties of religious organizations, charitable nonprofits, educational institutions, renewable energy resources, and personal property within the town of Charlestown's community limits. It also exempts real and personal property of various other nonprofit organizations and educational institutions within specific cities and towns in Rhode Island, including a new insertion for the Little Compton Game Club. The bill addresses the taxation of for-profit hospital facilities, allows for-profit hospital facilities to appeal tax assessments, permits cities and towns to enter into stabilization agreements with these facilities, and empowers cities, towns, and fire districts to establish exemptions for tangible personal property. The act is set to take effect upon passage.

Statutes affected:
7755: 44-3-3