The bill amends Chapter 44-3 of the General Laws by adding a new section, 44-3-9.8.1, which authorizes the town council of West Greenwich to provide exemptions and/or stabilization of taxes on qualified property used for residential purposes, including low- and moderate-income housing. This measure aims to address the longstanding challenges faced by the town in meeting state and local needs for low- and moderate-income housing. The town council may grant these exemptions or determine a stabilized tax amount after a public hearing, provided that it is determined that such actions will benefit the town, particularly in achieving its goal of having 10% of its year-round housing units designated as low- and moderate-income housing.

The bill defines "qualified property" as property with an approved comprehensive permit project, where final plan approval has been recorded. Qualified property may consist of one or more contiguous lots and may have multiple owners. The town may approve exemptions or agreements prior to final plan approval, but the exemption or stabilization period cannot begin until the final plan is recorded. The town council may authorize agreements for a period of up to 30 years. Properties that receive tax exemptions or stabilization under this section will not be liable for further taxation during the exemption period, as long as they remain qualified property.

Additionally, owners of qualifying low-income housing in West Greenwich under section 44-5-13.11 are entitled to the tax treatment provided under that section and may choose to seek or obtain tax exemption and/or stabilization under this new section. The town council's grant of exemption and/or stabilization will ensure that the taxation of such qualifying low-income housing is no less favorable than the taxation provided under section 44-5-13. The act will take effect upon passage.