2023 -- H 5753
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LC001666
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S TATE OF RHODE IS LAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2023
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A N A C T
RELATING TO TAXATION -- SMALL BUSINESS TANGIBLE PROPERTY TA X RELIEF
ACT
Introduced By: Representatives Rea, Costantino, Edwards, Casey, Chippendale, Hull,
Roberts, Fellela, and Place
Date Introduced: February 21, 2023
Referred To: House Municipal Government & Housing
It is enacted by the General Assembly as follows:
SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by 1
adding thereto the following chapter: 2
CHAPTER 5.3 3
SMALL BUSINESS TANGIBLE PROPERTY TAX RELIEF ACT 4
44-5.3-1. Statewide tangible property tax exemption. 5
(a) Notwithstanding the provisions of chapter 5 of this title or any other provisions to the 6
contrary, in an effort to provide relief for small businesses, and to promote economic development, 7
all ratable, tangible personal property not otherwise exempt from taxation shall be exempt from 8
taxation up to two hundred fifty thousand dollars ($250,000) of assessed value. 9
(b) Cities, towns and fire districts may increase the rate of tax on tangible personal property 10
assessed in excess of two hundred fifty thousand dollars ($250,000), in order to recover the amount 11
of lost tax revenues due to the exemption in subsection (a) of this section. 12
SECTION 2. This act shall take effect upon passage. 13
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LC001666
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LC001666 - Page 2 of 2
EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO TAXATION -- SMALL BUSINESS TANGIBLE PROPERTY TAX RELIEF
ACT
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This act would exempt from taxation the tangible personal property of small businesses up 1
to two hundred fifty thousand dollars ($250,000) of assessed value. This act would also allow cities, 2
towns, and fire districts to increase the tax rate on tangible personal property assessed in excess of 3
two hundred fifty thousand dollars ($250,000) in order to recover the amount of lost tax revenues 4
resulting from the exemption. 5
This act would take effect upon passage. 6
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LC001666
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