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. New legal language is inserted to create a section titled "44-3-3. Property exempt," which includes specific exemptions for various entities such as state-owned properties, federal lands, public school buildings, religious organizations, healthcare facilities, and properties used for military purposes. The bill also introduces exemptions for nonprofit organizations, educational institutions, and properties used for renewable energy resources, while specifying that properties leased to non-exempt entities will be taxed. Additionally, it sets conditions for exemptions related to veterans' organizations and individuals unable to pay taxes due to infirmity or poverty.

The bill also includes deletions, likely removing outdated exemptions or clarifying existing ones, although specific deletions are not detailed in the text. It outlines definitions related to manufacturing and provides tax exemptions for manufacturing machinery and equipment, as well as pollution control property. Furthermore, the bill recognizes various nonprofit organizations, including the Center for Southeast Asians, and specifies their properties as eligible for tax benefits, while removing references to other entities like Northwest Community Health Care. The valuation process for for-profit hospital facilities is also addressed, allowing for stabilization agreements with local governments. Overall, the bill aims to support nonprofit organizations and promote economic development through updated tax exemptions and legal recognition.