The bill amends Section 44-3-3 of the General Laws, changing the title to "44-3-3. Property exempt" and removing a clause that previously exempted state-owned property from taxation, with exceptions noted in § 44-4-4.1. It outlines a comprehensive list of properties and organizations exempt from taxation, including federal lands, military real estate, public schools, religious buildings, dwellings for clergy, properties owned by charitable or religious organizations, educational institutions, burial grounds, libraries, veterans' organizations, fraternal bodies, volunteer services, and the estates of individuals who cannot pay taxes due to infirmity or poverty. The bill also sets conditions for maintaining exemptions, such as agreements with municipalities for nonprofit colleges and universities, and addresses the taxation of properties leased to non-exempt entities, exemption limits for veterans' organizations, and tax liens on exempt properties.

The bill further defines the term "manufacturer" and what constitutes a "manufacturer's inventory," providing tax exemptions for manufacturing machinery and equipment, as well as items used for pollution control, hydroelectric power-generation equipment, and precious metal bullion. It allows municipalities to adopt ordinances to exempt certain machinery and equipment from taxation. Additionally, 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 certain community limits. It also addresses the taxation of for-profit hospital facilities and permits local exemptions for tangible personal property to promote economic development. The act is set to take effect upon passage and includes the removal of state-owned property from the list of exempt properties.

Statutes affected:
7926: 44-3-3