The bill amends Chapter 44-3 of the General Laws, focusing on property tax credits for veterans, their spouses, visually impaired individuals, and seniors over 65 in the city of Cranston. It modifies existing tax exemptions, changing them to tax credits with specific annual limits.

For veterans in Cranston, the exemption is changed to a tax credit not exceeding $182.90 per annum, which will be adjusted every three years based on the consumer price index (CPI). The bill also establishes a tax credit for visually impaired persons not to exceed $1,097.01 per annum, similarly adjusted every three years. For seniors over 65, the tax credit is set at $548.51 per annum, also subject to adjustment every three years based on CPI.

Additionally, the bill introduces a tax credit for individuals determined to be totally disabled by the Social Security Administration, capped at $365.84 per annum, with adjustments every three years. The legislation specifies that only one credit will be granted to co-owners and that total credits cannot exceed the residential property tax bill for the fiscal year.

This act will take effect upon passage.