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 tax agreements on qualified properties used for residential purposes, including low- and moderate-income housing. The council may grant these exemptions or determine a stabilized tax amount after conducting a public hearing, with a ten-day notice published in a local newspaper. This initiative aims to assist the town 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. It allows the town to approve exemptions or agreements prior to final plan approval, as long as the tax benefits do not begin until the plan is recorded. The town council may authorize these agreements for a period of up to 30 years. Properties that receive tax exemptions or stabilization will not be liable for further taxation during the exemption or stabilization period, as long as they remain qualified properties.

Additionally, the bill specifies that owners of qualifying low-income housing in West Greenwich, as defined under 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 without losing the benefits of existing law. The act will take effect upon passage.