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 a new 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 organizations, among others. The bill also includes provisions for exemptions related to manufacturing operations, pollution control, and renewable energy resources. Notably, it specifies that properties leased to non-exempt entities will be taxed and sets conditions for exemptions based on the financial status of individuals and organizations.

Additionally, the bill deletes previous references to certain properties, such as tangible personal property belonging to Northwest Community Health Care, while inserting new language to exempt properties owned by Codac, Inc. It outlines the taxation framework for for-profit hospital facilities, allowing for stabilization agreements with local governments. The bill aims to support nonprofit organizations and promote economic development by providing tax relief and clarifying the conditions under which various properties and entities qualify for exemptions. The changes will take effect upon passage.