The bill amends Section 44-3-4 of the General Laws in Chapter 44-3, focusing on property tax exemptions for veterans. It introduces a new section titled "Veterans’ exemptions," which provides a $1,000 tax exemption for eligible veterans and their unmarried widows or widowers, with specific municipalities allowed to set higher amounts, such as $4,000 in Burrillville and up to $36,450 in New Shoreham. The bill also empowers local town councils to establish their own exemptions or tax credits for veterans, ensuring that the exemptions apply to the property in the municipality where the veteran resides. If the exemption cannot be fully utilized in that municipality, it can be claimed in other cities or towns where the veteran owns property. Additionally, veterans must provide evidence of their eligibility to the assessors by specific deadlines.

Significantly, the bill proposes a full property tax exemption for the primary residence of veterans who are totally disabled due to service-connected disabilities, replacing the previous $10,000 limit. It removes previous maximum exemption amounts for certain towns, including the deletion of the $15,000 cap, and allows local councils to set their own exemption amounts based on service and disability status. The bill also includes provisions for additional exemptions and tax credits for veterans classified as prisoners of war and those with partial disabilities. Overall, the legislation aims to enhance financial support for veterans and their families through expanded property tax exemptions, taking effect upon passage.