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 and charitable organizations. The bill also introduces provisions for urban and small farmers, allowing exemptions for agricultural operations and defining terms like "urban farmer" and "small farmer." 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The bill also includes several deletions, likely removing outdated exemptions or clarifying existing ones, although specific deletions are not detailed in the text. It establishes a land use change tax for urban farmland and small farmland that has been exempt for fewer than fifteen years, incentivizing continued agricultural use. Furthermore, the bill modifies the definition of "net income" for corporate taxpayers to include forgiven Paycheck Protection Program loans and allows municipalities to create exemptions for tangible personal property to promote economic development. Overall, the bill aims to enhance tax relief for various sectors, particularly urban and small farmers, while refining the tax framework for nonprofit organizations and specific goods and services.

Statutes affected:
5534: 44-3-3, 44-11-11, 44-18-30