The bill amends the General Laws in Chapter 44-3, "Property Subject to Taxation," to modify exemptions for veterans and their unmarried widows or widowers. It specifies eligible service periods and conflicts, including World War II, the Korean conflict, the Vietnam conflict, the Cold War, and others up to the Bosnian conflict ending in 1994. The bill allows for varying exemption amounts by municipality, with an example being Warwick's increase from $10,000 to $30,000. It requires legal residency in the state and evidence of entitlement for exemption claims. The bill also details exemptions for honorably discharged veterans with total or partial disabilities, with specific amounts for different cities and towns, such as Central Falls' $7,500 and Cumberland's $22,500. New Shoreham offers up to $36,450, and there are provisions for Persian Gulf veterans and those with "specially adapted housing" due to total disability. The bill includes insertions and deletions to the existing law, but the specific changes are not detailed in the provided text.

Additionally, the bill outlines tax exemptions and credits for veterans, their widows, and widowers, with varying amounts across towns and cities. For example, Narragansett may provide up to $50,000, and Tiverton offers a tax credit of $200 or more. The bill also addresses exemptions for prisoners of war and includes a new provision for West Warwick to exempt up to $30,000 for persons over 65, an increase from the previous $10,000. The "Elderly Freeze of tax rate and valuation" is another insertion, allowing for a freeze on tax rates and valuations for eligible seniors or totally and permanently disabled individuals, with income limitations. The bill proposes increased exemption amounts based on gross annual income for West Warwick residents and outlines conditions for exemption eligibility, such as principal residence and a three-year town residency. It allows for a choice between current tax freezes or new provisions for those previously receiving tax relief and includes penalties for false exemption claims. The bill would take effect upon passage and does not specify the insertions or deletions in the provided text.