The bill amends Sections 44-5-3 and 44-5-12 of the General Laws in Chapter 44-5, which governs local tax levies and assessments. It introduces a new definition of "ratable property" that includes both ratable real estate and tangible personal property, while specifically excluding manufacturing machinery and equipment. The bill clarifies that "manufacturing" includes the handling and storage of inventories and provides detailed definitions for "manufacturer's machinery and equipment." It establishes a fixed tax rate of five dollars ($5.00) per kilowatt hour for renewable energy resources, replacing the previous provision that allowed municipalities to set their own tax rates. Additionally, it mandates that all real property assessments be conducted at full and fair cash value, with specific provisions for residential properties and those classified as farmland, forest, or open space.

The bill also proposes specific amendments for the municipalities of Warwick and Central Falls, allowing owners of residential properties who make improvements valued up to $15,000 and $25,000, respectively, to be exempt from property tax reassessment on those improvements until the next general citywide reevaluation. It modifies the taxation of tangible property related to renewable energy resources to a rate of $3.50 per kilowatt hour, ensuring these properties are not subject to reclassification or reassessment due to renewable energy installations. Furthermore, the bill amends the Renewable Ready Program to permit renewable energy projects on previously contaminated properties as a by-right use under local zoning codes, provided applicants can demonstrate the property's contaminated status. The act will take effect upon passage.