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. Key insertions include a new title for the section, "44-3-3. Property exempt," 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 healthcare facilities, libraries, and properties used for charitable purposes, while specifying that properties leased to non-exempt entities will be taxed. Additionally, it sets conditions for exemptions related to veterans' organizations and 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 hydroelectric power-generation equipment. It allows municipalities to adopt ordinances for additional exemptions and includes provisions for nonprofit organizations and educational institutions. Notably, the bill updates the address for the Little Flower Home and establishes exemptions for its property, contingent upon its status as a qualified tax-exempt corporation. Furthermore, it enables local governments to create exemptions for tangible personal property to foster economic development, particularly for small businesses, ensuring that these exemptions are uniformly applied. The act will take effect upon passage, aiming to provide tax relief and support for community organizations and businesses in Rhode Island.

Statutes affected:
6371: 44-3-3