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| 4 | 4 | | |
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| 5 | 5 | | 2023 -- H 5287 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC001090 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S TATE OF RHODE IS LAND |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2023 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION |
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| 16 | 16 | | Introduced By: Representatives Phillips, Casey, and J. Brien |
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| 17 | 17 | | Date Introduced: February 01, 2023 |
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| 18 | 18 | | Referred To: House Municipal Government & Housing |
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| 19 | 19 | | |
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| 20 | 20 | | |
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| 21 | 21 | | It is enacted by the General Assembly as follows: |
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| 22 | 22 | | SECTION 1. Section 44-3-9.1 of the General Laws in Chapter 44-3 entitled "Property 1 |
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| 23 | 23 | | Subject to Taxation" is hereby amended to read as follows: 2 |
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| 24 | 24 | | 44-3-9.1. Woonsocket — Exemption or stabilizing of taxes on qualifying property 3 |
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| 25 | 25 | | located in designated districts in the city. 4 |
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| 26 | 26 | | (a) Except as provided in this section, the city council of the city of Woonsocket may vote 5 |
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| 27 | 27 | | to authorize, for a period not exceeding ten (10) twenty (20) years, and subject to the conditions 6 |
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| 28 | 28 | | provided in this section, to exempt from payment, in whole or in part, real and personal qualifying 7 |
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| 29 | 29 | | property, or to determine a stabilized amount, of taxes to be paid on account of the qualifying 8 |
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| 30 | 30 | | property located within a district designated by the city council, notwithstanding the valuation of 9 |
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| 31 | 31 | | the property or the rate of tax; provided, that after a public hearing, at least ten (10) days’ notice of 10 |
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| 32 | 32 | | which shall be given in a newspaper having a general circulation in the city, the city council 11 |
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| 33 | 33 | | determines that designation of the district and granting of the exemption or stabilization for 12 |
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| 34 | 34 | | qualifying property located in the city will inure to the benefit of the city by reason of the 13 |
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| 35 | 35 | | willingness of owners of qualifying property to replace, reconstruct, expand, or remodel existing 14 |
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| 36 | 36 | | buildings, facilities, machinery, or equipment with modern buildings, facilities, fixtures, 15 |
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| 37 | 37 | | machinery, or equipment, or to construct new buildings or facilities or acquire new machinery or 16 |
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| 38 | 38 | | equipment for use in such buildings or facilities, resulting in an increase in investment by such 17 |
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| 39 | 39 | | owners in the city. 18 |
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| 40 | 40 | | (b) For purposes of this section, “qualifying property” means any building or structures 19 |
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| 41 | 41 | | |
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| 42 | 42 | | |
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| 43 | 43 | | LC001090 - Page 2 of 3 |
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| 44 | 44 | | used or intended to be used essentially for offices or commercial enterprises or for residential 1 |
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| 45 | 45 | | purposes. 2 |
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| 46 | 46 | | (c) Except as provided in this section, property, the payment of taxes on which has been so 3 |
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| 47 | 47 | | exempted or which is subject to the payment of a stabilized amount of taxes, shall not, during the 4 |
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| 48 | 48 | | period for which the exemption or stabilization of the amount of taxes is granted, be further liable 5 |
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| 49 | 49 | | to taxation by the city so long as that property is used or intended to be used for the manufacturing, 6 |
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| 50 | 50 | | commercial, or residential purposes for which the exemption or stabilized amount of taxes was 7 |
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| 51 | 51 | | made. 8 |
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| 52 | 52 | | (d) Notwithstanding any vote and findings by the city council, the property shall be 9 |
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| 53 | 53 | | assessed for and shall pay that portion of the tax, if any, assessed by the city, for the purpose of 10 |
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| 54 | 54 | | paying the indebtedness of the city and the indebtedness of the state or any political subdivision of 11 |
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| 55 | 55 | | the state to the extent assessed upon or apportioned to the city, and the interest on the indebtedness, 12 |
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| 56 | 56 | | and for appropriation to any sinking fund of the city, which portion of the tax shall be paid in full, 13 |
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| 57 | 57 | | and the taxes so assessed and collected shall be kept in a separate account and used only for that 14 |
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| 58 | 58 | | purpose. 15 |
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| 59 | 59 | | SECTION 2. This act shall take effect upon passage. 16 |
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| 61 | 61 | | LC001090 |
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| 64 | 64 | | |
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| 65 | 65 | | LC001090 - Page 3 of 3 |
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| 66 | 66 | | EXPLANATION |
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| 67 | 67 | | BY THE LEGISLATIVE COUNCIL |
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| 68 | 68 | | OF |
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| 69 | 69 | | A N A C T |
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| 70 | 70 | | RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION |
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| 71 | 71 | | *** |
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| 72 | 72 | | This act would authorize the Woonsocket city council to increase the period of exemption 1 |
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| 73 | 73 | | or stabilization of taxes on qualifying property located in designated districts in the city from ten 2 |
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| 74 | 74 | | (10) years to twenty (20) years. 3 |
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| 75 | 75 | | This act would take effect upon passage. 4 |
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| 77 | 77 | | LC001090 |
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