The bill amends Section 44-3-3 of the General Laws, which pertains to property taxation exemptions in the state. It introduces a new effective date of January 1, 2024, and makes several changes to the exemptions. Notably, it expands the exemption for property owned by religious organizations to include convents, nunneries, or retreat centers. It also removes the requirement for private nonprofit colleges or universities to reach an agreement with the town of Smithfield for billing actual costs for police, fire, and rescue services, stating that these institutions will be taxed like other businesses if no agreement is reached. The bill maintains exemptions for property owned by the state, the U.S. government, military organizations, public schools, charitable institutions, and others, and specifies conditions for tax exemptions on various types of property, including personal property owned by religious or charitable organizations, property used for educational purposes, and property owned by veterans' organizations.

The bill further defines manufacturers and their equipment for tax purposes, excluding certain operations from the definition of manufacturing. It details what constitutes manufacturing machinery and equipment, exempting them from taxation if used exclusively for manufacturing or related activities, with prorated assessments for partial use. City or town councils may adopt ordinances to exempt such machinery and equipment from taxation. The bill also lists exemptions for tangible personal property used in hydroelectric power generation, property owned by charitable organizations, motorboats with paid annual fees, and specific nonprofit corporations. Additionally, it addresses the taxation of for-profit hospital facilities, allowing cities and towns to enter into stabilization agreements with them. A significant amendment is the deletion of the tax exemption for Bryant University's property, which will be subject to taxation from July 1, 2024, unless an agreement on payment in lieu of taxes is reached by June 30, 2024. The act will take effect immediately upon passage.

Statutes affected:
3031: 44-3-3