The bill amends Section 44-3-3 of the General Laws, which pertains to property subject to taxation, with changes taking effect on January 1, 2024. It specifies various types of property that are exempt from taxation, including those belonging to the state, the United States, religious and educational organizations, veterans' organizations, and others. Notably, the bill deletes language concerning an agreement with the town of Smithfield and inserts new provisions that subject private nonprofit corporations organized as colleges or universities to taxation like other businesses, regardless of the property's use for educational purposes. It also states that property of healthcare facilities or institutions of higher education leased to non-exempt entities will be taxed to the tenant. The bill defines manufacturers and manufacturing machinery, providing exemptions for such equipment, precious metal bullion, and hydroelectric power-generation equipment, and outlines the roles of the department of revenue and local assessors in applying these definitions.

The bill further details exemptions for properties owned by or leased to organizations focused on conservation, recycling, and public service, including specific non-profit organizations like the Providence Performing Arts Center and the Travelers Aid Society of Rhode Island. It exempts renewable energy resources used in residential systems and by manufacturers, as well as tangible business or personal property within certain community limits, subject to town council authorization. The bill also addresses the taxation of for-profit hospital facilities, detailing the valuation process for tax purposes and allowing for stabilization agreements and exemptions for tangible personal property. It amends the act incorporating Bryant College of Business Administration, removing the tax exemption for Bryant University's property unless used exclusively for educational purposes, and sets a deadline for an alternative agreement on payment in lieu of taxes. The bill aims to provide relief for businesses, promote economic development, and ensure equitable taxation for Bryant University.

Statutes affected:
3031: 44-3-3