The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, "Property Subject to Taxation," to include various exemptions for different types of property and organizations. It exempts property owned by the state, the United States, religious and educational institutions, veterans' organizations, and individuals unable to pay taxes due to infirmity or poverty, among others. Notably, it allows the town of Smithfield to bill private nonprofit corporations for police, fire, and rescue services unless an agreement is in place. The bill also defines and exempts manufacturers and their inventories from taxation, with specific criteria for what constitutes a manufacturer and their principal business activities. Additionally, it exempts pollution control property, manufacturing machinery and equipment, and hydroelectric power-generation equipment from taxation.

The bill further details exemptions for property used in conserving open space, recycling, and treating hazardous waste, as well as for motorboats with paid fees and properties of specific non-profit organizations. It grants tax-exempt status to numerous nonprofit corporations, including the newly added Southside Community Land Trust. For-profit hospital facilities' property values are to be determined by the most recent revaluation or update, with special provisions for the year of transition from nonprofit to for-profit status. Cities, towns, and 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 effective upon passage, immediately granting the tax exemption to Southside Community Land Trust.

Statutes affected:
8343: 44-3-3