The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, titled "Property Subject to Taxation," to update the list of properties exempt from taxation. New legal language is inserted to create a section titled "44-3-3. Property exempt," which includes specific exemptions for various entities such as state-owned properties, military-use real estate, public school buildings, religious organizations, healthcare facilities, and properties owned by nonprofit organizations. The bill also specifies that properties leased to non-exempt entities will be subject to taxation and sets conditions for exemptions, including caps on exemption amounts for veterans' organizations and provisions for individuals unable to pay taxes due to infirmity or poverty.

Additionally, the bill introduces exemptions for properties owned by various nonprofit organizations, including the Providence Preservation Society, and outlines the process for assessing for-profit hospital facilities that convert to nonprofit status. It emphasizes the requirement for these organizations to maintain their tax-exempt status under § 501(c)(3) of the Internal Revenue Code. The bill also allows municipalities to adopt ordinances for further exemptions and includes provisions for properties used for pollution control and renewable energy resources. Overall, the bill aims to enhance support for nonprofit organizations in Rhode Island while maintaining existing regulations for for-profit entities.

Statutes affected:
28: 44-3-3