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. The intent is to assist the town in meeting its housing needs by achieving a goal of at least ten percent of its year-round housing units as low- and moderate-income housing.

"Qualifying property" is defined as property with an approved comprehensive permit project, where final plan approval has been recorded. The town may 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 can authorize these agreements for a period of up to thirty 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, 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, ensuring that their tax status remains no less favorable than under existing law. The act will take effect upon passage.