The bill amends Section 44-3-3 of the General Laws, which pertains to property taxation, with an effective date of January 1, 2024. It provides a comprehensive list of property types and organizations that are exempt from taxation, including but not limited to property belonging to the state, lands owned by the United States, property used for religious or educational purposes, property owned by veterans' organizations, and property used for manufacturing. Notably, the bill specifies that property leased to non-exempt entities will be taxed to the tenant. It also includes a provision for the town of Smithfield to bill for police, fire, and rescue services to certain private nonprofit corporations unless an agreement is in place. Additionally, the bill defines a "manufacturer" and "manufacturer's inventory" and exempts from taxation property used to control pollution, manufacturing machinery and equipment, and hydroelectric power-generation equipment.

The bill also exempts real or personal property owned by, held in trust for, or leased to charitable organizations, including those focused on conserving open space, provided the property is used exclusively for the organization's purposes. It exempts tangible personal property used for recycling, reuse, or recovery of materials, as well as property of various educational and cultural institutions, provided they are qualified tax-exempt corporations under § 501(c)(3) of the United States Internal Revenue Code. The bill includes a new insertion that specifically exempts the real and tangible personal property of St. Elizabeth's Home, a Rhode Island domestic nonprofit corporation, located at multiple addresses in East Greenwich. Furthermore, the bill addresses the taxation of for-profit hospital facilities and allows local exemptions for tangible personal property to promote economic development. The act will take effect upon passage.

Statutes affected:
2762: 44-3-3