This bill makes several amendments to the General Laws regarding property tax exemptions in Rhode Island. It adds a new section that lists the types of property that are exempt from taxation, including property belonging to the state, lands belonging to the United States, and real estate used for military purposes. The bill also provides exemptions for certain organizations and individuals, such as incorporated libraries, veterans organizations, and volunteer fire engine companies.

The bill also amends the definition of "manufacturer" and "manufacturer's inventory" for tax purposes. It specifies that a manufacturer is a person whose principal business is transforming raw materials into a finished product for trade. The bill also includes a list of activities that are excluded from the definition of a manufacturer, such as public utilities and building contractors. Additionally, the bill provides exemptions for certain types of property, such as water or air pollution control facilities, manufacturing machinery and equipment used for research and development, and precious metal bullion.

Statutes affected:
5947: 44-3-3