The bill amends Section 44-3-3 of the General Laws, which details property tax exemptions in Rhode Island, with an effective date of January 1, 2024. It introduces new exemptions, including a provision allowing the town of Smithfield to bill private nonprofit corporations for police, fire, and rescue services unless an agreement is in place, and permits the city council of Cranston to exempt up to $500,000 of real or personal estate of veterans' organizations. The bill defines a "manufacturer" and "manufacturer's inventory" for tax purposes, excluding certain operations and retail stores not in the same building as the manufacturing plant. It also exempts from taxation property used for pollution control, manufacturing machinery and equipment, hydroelectric power-generation equipment, and tangible personal property used for recycling or hazardous waste treatment.

Additionally, the bill exempts properties of specific non-profit organizations, including the Center for Mediation and Collaboration Rhode Island, from real and tangible personal property taxes. It addresses the taxation of for-profit hospital facilities, allowing for an initial valuation in the year of conversion from nonprofit to for-profit status or when a new for-profit hospital is established. Cities, towns, or fire districts are permitted to establish exemptions for tangible personal property to support businesses and economic development, provided these exemptions are uniformly applied. The act is set to take effect upon passage, indicating immediate implementation of these provisions.

Statutes affected:
3037: 44-3-3