Removes the exemption from taxation granted to Bryant University located in Smithfield, RI subjecting the university to full taxation unless, the university and the town of Smithfield reach an agreement on payment in lieu of taxes on or before 6/30/24.
Impact
The bill's implications on state laws primarily involve a shift in tax policy concerning educational institutions. By taxing Bryant University, it challenges long-standing exemptions that many educational institutions enjoy, thereby setting a precedent for how similar entities may be taxed in the future. This could significantly impact the fiscal landscape for higher education establishments in Rhode Island, potentially leading to increased scrutiny of their tax-exempt status.
Summary
House Bill H8191 proposes to remove the property tax exemption previously granted to Bryant University located in Smithfield, Rhode Island. This change will subject the university to full taxation beginning July 1, 2024, unless an agreement on payment in lieu of taxes is reached between the university and the town before June 30, 2024. The bill specifically amends existing laws related to property subject to taxation, aiming to enhance the local government's revenue from property taxes.
Contention
There are significant concerns regarding H8191, as stakeholders may argue about the fairness and implications of such actions on educational institutions. Supporters of the bill might believe that subjecting the university to taxation could better support local public services by increasing the tax base. However, opponents could contend that this move may undermine the financial stability of the institution and affect its ability to provide education, scholarships, and community services.
Exempts from taxation the real and tangible personal property of the Johnnycake Center Realty Corporation, a domestic nonprofit corporation, located in South Kingstown.
Exempts from taxation the real and tangible personal property of the Johnnycake Center Realty Corporation, a domestic nonprofit corporation, located in South Kingstown.
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 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.