The bill amends Section 44-3-3 of the General Laws to update the list of properties and entities exempt from taxation, effective January 1, 2024. It includes exemptions for property belonging to the state, the United States, certain securities, military real estate, public schools, religious buildings, and dwellings used by clergy. It also exempts intangible personal property held for religious or charitable purposes, educational institutions, certain property of Brown University's officers, and other entities such as veterans' organizations, fraternal bodies, volunteer services, and individuals unable to pay taxes due to infirmity or poverty. Household items and improvements for fallout protection are exempt up to $1,500. The bill specifies that property used by a non-exempt entity in a healthcare facility or institution of higher education will be taxed, and the city of Cranston may exempt veterans' organization property up to $500,000. It also defines "manufacturer" and "manufacturer's inventory," and provides exemptions for pollution control equipment, manufacturing machinery, and equipment acquired after December 31, 1974, as well as allowing municipalities to exempt certain machinery and equipment from taxation.

The bill further exempts hydroelectric power-generation equipment, property held for open space conservation, and tangible personal property used for recycling from hazardous wastes. It lists exemptions for motorboats, properties of nonprofit organizations like the Providence Performing Arts Center, Meeting Street Center, and the American Lighthouse Foundation, as well as properties used for children's activities. Renewable energy resources and business or personal property within the town of Charlestown's community limits may also be exempt, subject to town council authorization. Additionally, the bill exempts real and personal property of various other nonprofit organizations and educational institutions within specific cities and towns in Rhode Island. It also includes a provision for the town of Bristol to authorize tax exemptions for tangible business or personal property to promote business growth. The bill addresses the taxation of for-profit hospital facilities and allows for exemptions for tangible personal property to support businesses and economic development, subject to local tax classification requirements. The bill includes insertions and deletions, such as the addition of an exemption for Northwest Community Health Care d/b/a WellOne Primary Medical and Dental Care, and takes effect upon passage.

Statutes affected:
2552: 44-3-3