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 introduces exemptions for properties used for recycling, renewable energy resources, and hydroelectric power generation, while specifying that properties leased to non-exempt entities will be taxed. Additionally, it outlines conditions for exemptions related to veterans' organizations and individuals unable to pay taxes due to infirmity or poverty.

The bill also includes deletions that likely remove outdated exemptions or clarify existing ones, although specific deletions are not detailed in the text. It establishes definitions for "manufacturer" and "manufacturer's inventory," and provides tax exemptions for manufacturing machinery and equipment used in the manufacturing process. Furthermore, the bill recognizes various nonprofit organizations, including the Friends of Little Compton Wellness Center, Inc., for tax-exempt status, while removing references to other entities like Northwest Community Health Care. Provisions regarding the taxation of for-profit hospital facilities are also included, allowing for appeals on assessed values and enabling local governments to create exemptions for tangible personal property. The act is set to take effect upon passage.