This bill makes several amendments to the General Laws regarding property taxation 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 ceded or belonging to the United States, and property used for military, educational, religious, and charitable purposes. The bill also allows the town of Smithfield to bill a private nonprofit college or university for certain services.

The bill also amends the definition of "manufacturer" to exclude certain businesses and provides definitions for "manufacturer's inventory" and "person." It provides exemptions for property used for water or air pollution control facilities, manufacturing machinery and equipment used for research and development or quality assurance, precious metal bullion, and hydroelectric power-generation equipment.

Additionally, the bill adds exemptions for tangible personal property used for recycling or treatment of hazardous waste, motorboats, non-profit organizations, and renewable energy resources. It also allows municipalities to exempt the property of urban and small farmers from taxation and establish exemptions for tangible personal property to promote economic development.

Statutes affected:
882: 44-3-3