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 nonprofit organizations, educational institutions, healthcare facilities, and properties used for renewable energy resources, among others. Additionally, it specifies that properties leased to non-exempt entities will be taxed and sets conditions for exemptions based on the financial status of individuals and organizations.

The bill also includes provisions for the taxation of nonprofit and for-profit hospital facilities, specifically exempting the real and tangible personal property of the Rhode Island Business Development Institute. It outlines the valuation process for for-profit hospitals transitioning from nonprofit status, ensuring that property assessments are based on the most recent evaluations. Furthermore, municipalities are empowered to create exemptions for tangible personal property to encourage economic development, provided these exemptions are uniformly applied. Overall, the bill aims to modernize tax exemptions and support various organizations while ensuring compliance with local tax regulations.

Statutes affected:
1132: 44-3-3