The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, titled "Property Subject to Taxation," to update the list of properties exempt from taxation. It introduces a new title for the section, "44-3-3. Property exempt," and specifies various exemptions for state-owned properties, federal lands, public school buildings, religious organizations, healthcare facilities, and numerous nonprofit organizations, among others. The bill also includes provisions for exemptions related to manufacturing operations, pollution control, and renewable energy resources. Notably, it establishes that properties leased to non-exempt entities will be taxed and sets conditions for exemptions based on the financial status of individuals and organizations.

Additionally, the bill removes outdated exemptions and clarifies existing ones, including the deletion of the previous reference to tangible personal property of Northwest Community Health Care. It outlines the valuation process for for-profit hospital facilities and allows municipalities to enter into stabilization agreements with these entities. The bill aims to support nonprofit organizations by recognizing their properties for tax exemptions, provided they maintain their status as qualified tax-exempt entities under § 501(c)(3) of the Internal Revenue Code. Overall, the bill seeks to modernize the tax code and promote economic development while ensuring that specific properties and organizations receive appropriate tax considerations.

Statutes affected:
6272: 44-3-3