2023 -- S 0074
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LC000872
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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 -- LEVY AND ASSESSMENT OF LOCAL TAXES
Introduced By: Senator Roger Picard
Date Introduced: February 01, 2023
Referred To: Senate Finance
It is enacted by the General Assembly as follows:
SECTION 1. Section 44-5-13.11 of the General Laws in Chapter 44-5 entitled "Levy and 1
Assessment of Local Taxes" is hereby amended to read as follows: 2
44-5-13.11. Qualifying low-income housing -- Assessment and taxation. 3
Any residential property that has been issued an occupancy permit on or after January 1, 4
1995, after substantial rehabilitation as defined by the U.S. Department of Housing and Urban 5
Development and is encumbered by a covenant recorded in the land records in favor of a 6
governmental unit or Rhode Island housing and mortgage finance corporation restricting either or 7
both the rents that may be charged to tenants of the property or the incomes of the occupants of the 8
property, is subject to a tax that equals eight percent (8%) ten percent (10%) of the property's 9
previous years' prospective year's gross scheduled rental income or a lesser percentage as 10
determined by each municipality. 11
SECTION 2. This act shall take effect upon passage. 12
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LC000872
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LC000872 - Page 2 of 2
EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES
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This act would modify the maximum tax on qualifying low-income property from eight 1
percent (8%) of the previous year's gross scheduled rental income to ten percent (10%) of the 2
prospective year's gross scheduled rental income. 3
This act would take effect upon passage. 4
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LC000872
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