Exempts from taxation the real and tangible personal property of the Providence Preservation Society.
Impact
Should S2362 pass, it would result in a change to existing taxation laws, particularly in how property belonging to nonprofit organizations is treated under state law. This exemption is significant as it directly affects the financial operations of the Providence Preservation Society, allowing it to allocate more resources towards conservation and community outreach efforts. The act would take effect immediately upon passage, highlighting the urgency of the proposed reform.
Summary
S2362 is a proposed act relating to taxation in the state of Rhode Island aimed at providing a tax exemption for the real and tangible personal property of the Providence Preservation Society. The bill seeks to alleviate the financial burden of property taxes on this nonprofit organization, which plays a crucial role in preserving and promoting the historic heritage of Providence. Introduced by Senator Samuel D. Zurier, the bill has been referred to the Senate Finance Committee for further discussion and evaluation.
Contention
While the bill has the potential to benefit the Providence Preservation Society, discussions around it may invoke broader debates on tax equity and the role of government in supporting nonprofit organizations. Supporters argue that preserving historical sites is vital for cultural tourism and education, thereby justifying the exemption as an investment in the community. However, critics may raise concerns about the fairness of tax exemptions for specific entities while others, such as residential or commercial property owners, continue to be taxed. This aspect of the bill could lead to opposition from various stakeholders who perceive it as a preferential treatment for certain organizations.
Exempts from taxation the real and tangible personal property of Rhode Island Coalition Against Domestic Violence, a Rhode Island domestic nonprofit corporation, located in Warwick, Rhode Island.
Exempts from taxation the real and tangible personal property of Wildlife Rehabilitators Association of Rhode Island (Wildlife Clinic of Rhode Island), a Rhode Island domestic nonprofit corporation, located in North Kingstown, Rhode Island.
Exempts from taxation the non-commercial real and tangible personal property of Southside Community Land Trust, a Rhode Island domestic nonprofit corporation, located in Providence, Rhode Island.
Exempts from taxation the real and tangible personal property of Wildlife Rehabilitators Association of Rhode Island (Wildlife Clinic of Rhode Island), a Rhode Island domestic nonprofit corporation, located in North Kingstown, Rhode Island.