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. Key insertions include a new title for the section, "44-3-3. Property exempt," and a comprehensive list of specific exemptions for various properties and organizations, such as state-owned properties, military-use real estate, public school buildings, and properties owned by religious organizations. The bill also introduces exemptions for nonprofit organizations, educational institutions, healthcare facilities, and properties used for renewable energy resources, among others. Additionally, it specifies that properties leased to non-exempt entities will be taxed and sets conditions for exemptions based on the type of organization and location.

The bill also includes deletions, although specific language changes are not detailed in the text. Notably, it removes references to the tangible personal property of Northwest Community Health Care from the list of taxable properties. Furthermore, the bill outlines provisions for the taxation of for-profit hospital facilities, allowing local governments to establish exemptions for tangible personal property to encourage economic development. The act is set to take effect on September 1, 2025, and aims to support nonprofit organizations and promote growth in Rhode Island through legal recognition and tax advantages.