The proposed bill amends Chapter 44-3 of the General Laws regarding property subject to taxation by introducing a new section, 44-3-9.13, specifically for the town of Coventry. This section allows the town council to authorize tax exemptions or stabilization for real and personal property used for various purposes, including manufacturing, commercial, residential, or mixed-use, for a period not exceeding twenty years. The exemptions can apply to properties that have undergone environmental remediation, are historically preserved, or are designated for affordable housing. The council must hold public hearings and provide notice before making such determinations, ensuring that the exemptions or stabilizations benefit the town through increased employment, economic development, or improvements to the physical plant.

Additionally, the bill clarifies definitions related to real and personal property used for the specified purposes and stipulates that properties granted exemptions or stabilization will not be liable for further taxation during the exemption period, as long as 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. The bill also includes provisions for renewable energy resources to qualify for tax stabilization agreements. This act will take effect upon passage.