The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, which addresses property subject to taxation, by introducing new exemptions for various categories of property. Specifically, it exempts the real and tangible personal property of PROJECT Weber/RENEW, a Rhode Island domestic nonprofit corporation, provided that it qualifies as a tax-exempt organization under 26 USC 501(c)(3) of the Internal Revenue Code.

The bill also maintains existing exemptions for properties owned by the state, the United States, educational and religious organizations, military properties, burial grounds, and properties held by charitable organizations. Additionally, it specifies exemptions for manufacturing machinery and equipment, hydroelectric power-generation equipment, and tangible personal property used for recycling or hazardous waste treatment.

The legislation establishes conditions under which certain properties may be taxed, particularly those leased to non-exempt entities, and emphasizes the need for compliance with local ordinances regarding tax exemptions. It addresses the taxation of for-profit hospital facilities, stipulating that their real property value will be based on the most recent full revaluation or statistical property update. The bill allows municipalities to enter into stabilization agreements with these facilities and provides a framework for local governing bodies to create exemptions for tangible personal property to encourage economic development.

The act is set to take effect upon passage.

Statutes affected:
191: 44-3-3