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. New legal language includes a revised title for the section and a comprehensive list of specific exemptions for various properties and organizations, such as state-owned properties, military-use real estate, public school buildings, and properties owned by religious organizations. The bill also introduces exemptions for nonprofit organizations, educational institutions, and healthcare facilities, while specifying that properties leased to non-exempt entities will be taxed. Additionally, it sets conditions for exemptions, including caps on certain organizations and provisions for individuals unable to pay taxes due to infirmity or poverty.

The bill further clarifies definitions related to manufacturing and pollution control, providing tax exemptions for manufacturing machinery and equipment, as well as for properties used for recycling and renewable energy resources. It includes provisions for properties owned by specific nonprofit organizations and the Pokanoket Management Group, which will be exempt from municipal property tax. The bill also addresses the taxation of for-profit hospital facilities and allows municipalities to create exemptions to promote economic development. The act is set to take effect on January 1, 2026, ensuring municipalities receive a percentage of tax revenue that would have been collected had the exempt properties been taxable.

Statutes affected:
6291: 44-3-3, 45-13-5.1