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 authorize tax exemptions or stabilization for qualifying properties. These properties must be used for manufacturing, commercial, residential, or mixed-use purposes, and may include those that have undergone environmental remediation or are historically preserved. The exemptions or stabilized tax amounts can be granted for a period not exceeding twenty years, contingent upon public hearings and a determination that such actions will benefit the town through increased employment, improved facilities, or enhanced economic development.

The bill specifies that real and personal properties used for the aforementioned purposes will not be liable for further taxation during the exemption period, provided they continue to be used as intended. It also clarifies that renewable energy resources qualify for tax stabilization agreements under this new provision. Additionally, the bill outlines the conditions under which the town council may grant exemptions or stabilization, including the requirement for public notice and hearings, and the necessity for the council to determine that the exemptions will benefit the town. The act is set to take effect upon passage.