The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, which addresses property subject to taxation, by introducing new exemptions for various categories of property. This includes properties owned by the state, the United States, educational and religious organizations, as well as properties used for military purposes, burial grounds, and those held by charitable organizations. The bill also specifies exemptions for manufacturing machinery and equipment, hydroelectric power-generation equipment, and tangible personal property used for recycling or hazardous waste treatment. It outlines conditions under which certain properties may be taxed, particularly those leased to non-exempt entities, and establishes guidelines for local municipalities to adopt ordinances regarding these exemptions.

Additionally, the bill proposes a new exemption for the real and tangible personal property of Blithewold, Inc., a Rhode Island domestic nonprofit corporation, located at 101 Ferry Road, Bristol, Rhode Island, on Assessor's Map, Plat 165, Lot 007, contingent upon the property being used for the purposes for which the corporation was incorporated. The bill also addresses the taxation of for-profit hospital facilities, stating that their real property value will be based on the most recent full revaluation or statistical property update by the local municipality. Furthermore, it empowers cities, towns, or fire districts to create exemptions for tangible personal property to foster economic development and support businesses, including small businesses, ensuring that these exemptions are uniformly applied and comply with local tax classification requirements. The act is set to take effect upon passage.

Statutes affected:
2036: 44-3-3
2036  SUB A: 44-3-3
2036  SUB A as amended: 44-3-3