The bill amends Section 44-5-13.11 of the General Laws in Chapter 44-5, which pertains to the assessment and taxation of local taxes on qualifying low-income housing. It establishes that effective January 1, 2026, any residential property that is part of the Section 202 Supportive Housing for the Elderly Program, Section 811 Supporting Housing for Persons with Disabilities Programs, or project-based Section 8 housing, and that is utilizing an operating cost basis for federal reimbursement, shall be subject to a tax that equals twelve percent (12%) of the property's previous year's gross scheduled rental income, or a lesser percentage as determined by each municipality. The twelve percent (12%) maximum tax shall only apply as long as the property meets this condition.

Statutes affected:
5236: 44-5-13.11