This bill proposes several amendments to the tax laws in Rhode Island. It includes exemptions from property tax for various organizations and properties, such as religious organizations, educational institutions, and nonprofit organizations. It also establishes a process for determining the value of property for for-profit hospital facilities and allows for stabilization agreements between these facilities and cities or towns. Additionally, the bill allows cities, towns, and fire districts to establish exemptions for tangible personal property.

The bill also includes exemptions from sales and use taxes for certain items, such as construction materials for contractors working on exempt projects, gasoline, food and food ingredients, medicines, and motor vehicles sold to nonresidents. It also proposes modifications to the personal income tax law, including deductions for organ transplantation expenses and modifications for taxable Social Security income and retirement income. Finally, the bill suggests adjustments to the dollar amounts in certain subsections and modifications for Rhode Island investment in opportunity zones, military service pensions, urban and small farmers' income, and Rhode Island fiduciary adjustment.

Statutes affected:
862: 44-3-3, 44-11-11, 44-18-30, 44-30-12