The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, which addresses property subject to taxation, by introducing a detailed list of exemptions from taxation. This includes properties owned by the state, lands belonging to the United States, and real estate used exclusively for military purposes, as well as exemptions for educational and religious institutions, charitable organizations, and specific healthcare facilities. The bill also clarifies that properties leased to non-exempt entities will be taxed to the tenant and establishes exemptions for manufacturing machinery, hydroelectric power-generation equipment, and tangible personal property used for recycling or hazardous waste treatment. It emphasizes compliance with local ordinances and requires formal authorization from city or town councils for certain exemptions.

Additionally, the bill proposes a new exemption for the real and tangible personal property of Codac, Inc., a Rhode Island nonprofit corporation, located at 45 Royal Little Drive in Providence, further identified as Assessor's Plat 74, Lot 402, which will be exempt from taxation. The overall aim of the bill is to provide specific exemptions for certain properties and will take effect upon passage.

Statutes affected:
799: 44-3-3