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 properties used for residential purposes, including low- and moderate-income housing. The town council may vote to exempt real qualified property from payment, in whole or in part, or to determine a stabilized tax amount, provided that a public hearing is held with ten days' notice published in a newspaper of general circulation in the town. The exemption or stabilization must benefit the town's housing goals, specifically achieving or exceeding the target of ten percent of 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 exemption period does not begin until the final plan is recorded. The town council may authorize agreements for a period of up to thirty 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 properties. Additionally, owners of qualifying low-income housing under section 44-5-13.11 are entitled to the tax treatment provided in that section and may choose to seek exemptions and/or stabilization under this new section, ensuring that the taxation of such properties remains no less favorable than under section 44-5-13. The act will take effect upon passage.