The bill amends Section 44-3-3 of the General Laws, which pertains to property subject to taxation, and is set to take effect on January 1, 2024. It includes a variety of property tax exemptions for different entities, such as state-owned property, lands owned by the United States, property used for religious or educational purposes, and property held by veterans' organizations. Notable insertions in the bill include a provision allowing the town of Smithfield to bill for police, fire, and rescue services to certain nonprofit corporations unless an agreement is reached, and a provision permitting the city council of Cranston to exempt up to $500,000 of property for veterans' organizations. The bill also defines a "manufacturer" and what constitutes "manufacturer's inventory," and it exempts from taxation property used for pollution control, manufacturing machinery and equipment, and hydroelectric power-generation equipment, among others.

Furthermore, the bill provides tax exemptions for tangible personal property used in recycling, treatment of hazardous wastes, and for various nonprofit organizations and charitable trusts, provided they meet certain criteria. It also details exemptions for renewable energy resources and properties that promote business growth within specified community limits. Additionally, the bill grants tax-exempt status to the real and tangible personal property of the Rhode Island Coalition Against Domestic Violence located in Warwick and addresses the taxation of for-profit hospital facilities, allowing for the determination of property value based on the most recent revaluation or update. Cities, towns, or fire districts are also permitted to establish exemptions for tangible personal property to support businesses and encourage economic development. The act will become effective upon passage.

Statutes affected:
8206: 44-3-3