The bill proposes amendments to Section 44-3-3 of the General Laws in Chapter 44-3, which pertains to properties subject to taxation in Rhode Island. It introduces a range of exemptions for various types of property, including those belonging to the state, the United States, religious and educational organizations, veterans and fraternal organizations, nonprofit hospitals, and volunteer emergency services. Additionally, the bill defines terms such as "manufacturer's inventory" and "manufacturer," and provides exemptions for machinery and equipment used in manufacturing, pollution control, and hydroelectric power generation, as well as for precious metal bullion. It also specifies exemptions for renewable energy resources and tangible personal property within certain areas, such as the town of Charlestown.

Furthermore, the bill grants tax-exempt status to specific nonprofit organizations, including Southside Community Land Trust, and outlines the tax assessment process for for-profit hospital facilities. It allows local authorities to establish exemptions for tangible personal property to support businesses and economic development, provided these exemptions are applied uniformly. The bill is designed to take effect upon passage, offering immediate tax relief to the specified properties and organizations. There are no insertions or deletions indicated in the text, suggesting that it introduces new provisions to the law.

Statutes affected:
3090: 44-3-3