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. It introduces new legal language, including a revised title for the section, "44-3-3. Property exempt," and specifies various exemptions for state-owned properties, federal lands, public school buildings, religious organizations, healthcare facilities, and numerous nonprofit entities. The bill also includes provisions for exemptions related to nuclear fallout protection improvements, properties owned by organizations focused on conserving open space, and renewable energy resources. Additionally, it outlines conditions for tax exemptions for certain organizations, such as veterans' groups, and establishes that properties leased to non-exempt entities will be taxed.

The bill also addresses the valuation process for for-profit hospital facilities and allows municipalities to create exemptions for tangible personal property to encourage economic development. It specifies that the real property value of for-profit hospitals will be determined by the most recent revaluation, with provisions for stabilization agreements during conversions from nonprofit to for-profit status. Furthermore, it includes new legal language to exempt the real and tangible personal property of PROJECT Weber/RENEW, a Rhode Island nonprofit, provided it maintains its tax-exempt status under the Internal Revenue Code. Overall, the bill aims to enhance support for nonprofit organizations and clarify tax exemption criteria within the state's tax code.

Statutes affected:
191: 44-3-3