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| 5 | 5 | | 2023 -- H 5753 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC001666 |
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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 -- SMALL BUSINESS TANGIBLE PROPERTY TA X RELIEF |
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| 16 | 16 | | ACT |
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| 17 | 17 | | Introduced By: Representatives Rea, Costantino, Edwards, Casey, Chippendale, Hull, |
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| 18 | 18 | | Roberts, Fellela, and Place |
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| 19 | 19 | | Date Introduced: February 21, 2023 |
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| 20 | 20 | | Referred To: House Municipal Government & Housing |
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| 21 | 21 | | |
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| 22 | 22 | | |
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| 23 | 23 | | It is enacted by the General Assembly as follows: |
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| 24 | 24 | | SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by 1 |
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| 25 | 25 | | adding thereto the following chapter: 2 |
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| 26 | 26 | | CHAPTER 5.3 3 |
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| 27 | 27 | | SMALL BUSINESS TANGIBLE PROPERTY TAX RELIEF ACT 4 |
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| 28 | 28 | | 44-5.3-1. Statewide tangible property tax exemption. 5 |
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| 29 | 29 | | (a) Notwithstanding the provisions of chapter 5 of this title or any other provisions to the 6 |
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| 30 | 30 | | contrary, in an effort to provide relief for small businesses, and to promote economic development, 7 |
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| 31 | 31 | | all ratable, tangible personal property not otherwise exempt from taxation shall be exempt from 8 |
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| 32 | 32 | | taxation up to two hundred fifty thousand dollars ($250,000) of assessed value. 9 |
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| 33 | 33 | | (b) Cities, towns and fire districts may increase the rate of tax on tangible personal property 10 |
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| 34 | 34 | | assessed in excess of two hundred fifty thousand dollars ($250,000), in order to recover the amount 11 |
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| 35 | 35 | | of lost tax revenues due to the exemption in subsection (a) of this section. 12 |
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| 36 | 36 | | SECTION 2. This act shall take effect upon passage. 13 |
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| 37 | 37 | | ======== |
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| 38 | 38 | | LC001666 |
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| 41 | 41 | | |
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| 42 | 42 | | LC001666 - Page 2 of 2 |
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| 43 | 43 | | EXPLANATION |
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| 44 | 44 | | BY THE LEGISLATIVE COUNCIL |
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| 45 | 45 | | OF |
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| 46 | 46 | | A N A C T |
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| 47 | 47 | | RELATING TO TAXATION -- SMALL BUSINESS TANGIBLE PROPERTY TAX RELIEF |
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| 48 | 48 | | ACT |
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| 49 | 49 | | *** |
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| 50 | 50 | | This act would exempt from taxation the tangible personal property of small businesses up 1 |
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| 51 | 51 | | to two hundred fifty thousand dollars ($250,000) of assessed value. This act would also allow cities, 2 |
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| 52 | 52 | | towns, and fire districts to increase the tax rate on tangible personal property assessed in excess of 3 |
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| 53 | 53 | | two hundred fifty thousand dollars ($250,000) in order to recover the amount of lost tax revenues 4 |
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| 54 | 54 | | resulting from the exemption. 5 |
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| 55 | 55 | | This act would take effect upon passage. 6 |
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| 56 | 56 | | ======== |
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| 57 | 57 | | LC001666 |
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| 58 | 58 | | ======== |
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