The bill amends Chapter 44-3 of the General Laws regarding property subject to taxation by introducing a new section, 44-3-9.13, which allows the town council of Coventry to exempt or stabilize taxes on qualifying real and personal property for a period not exceeding twenty years. This applies to properties that have undergone environmental remediation, are historically preserved, or are utilized for affordable housing, manufacturing, commercial, residential, or mixed-use purposes.

The council must hold public hearings and provide at least ten days' notice before making a determination that granting such exemptions or stabilizations will benefit the town. This determination can be based on factors such as attracting new businesses, expanding existing facilities, or improving the physical plant in the town.

The bill specifies that properties used for manufacturing, commercial, residential, or mixed-use purposes include various types of buildings and structures, as well as personal property associated with these uses. It clarifies that properties exempted or subject to a stabilized tax amount will not be liable for further taxation during the exemption period, provided they continue to be used for the intended purposes. However, properties will still be responsible for a portion of taxes related to the town's indebtedness.

Additionally, renewable energy resources, as defined in 39-26-5, qualify for tax stabilization agreements pursuant to this section. The act will take effect upon passage.