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| 4 | 4 | ||
| 5 | 5 | 2023 -- S 0075 | |
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| 7 | 7 | LC000871 | |
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| 9 | 9 | S TATE OF RHODE IS LAND | |
| 10 | 10 | IN GENERAL ASSEMBLY | |
| 11 | 11 | JANUARY SESSION, A.D. 2023 | |
| 12 | 12 | ____________ | |
| 13 | 13 | ||
| 14 | 14 | A N A C T | |
| 15 | 15 | RELATING TO TAXATION-- LEVY AND ASSESSMENT OF LOCAL TAXES | |
| 16 | 16 | Introduced By: Senator Roger Picard | |
| 17 | 17 | Date Introduced: February 01, 2023 | |
| 18 | 18 | Referred To: Senate Finance | |
| 19 | 19 | ||
| 20 | 20 | ||
| 21 | 21 | It is enacted by the General Assembly as follows: | |
| 22 | 22 | SECTION 1. Section 44-5-13.11 of the General Laws in Chapter 44-5 entitled "Levy and 1 | |
| 23 | 23 | Assessment of Local Taxes" is hereby amended to read as follows: 2 | |
| 24 | 24 | 44-5-13.11. Qualifying low-income housing — Assessment and taxation. 3 | |
| 25 | 25 | Any residential property that has been issued an occupancy permit on or after January 1, 4 | |
| 26 | 26 | 1995, after substantial rehabilitation as defined by the U.S. Department of Housing and Urban 5 | |
| 27 | 27 | Development and is encumbered by a covenant recorded in the land records in favor of a 6 | |
| 28 | 28 | governmental unit or Rhode Island housing and mortgage finance corporation restricting either or 7 | |
| 29 | 29 | both the rents that may be charged to tenants of the property or the incomes of the occupants of the 8 | |
| 30 | 30 | property, is subject to a tax that equals eight percent (8%) ten percent (10%) of the property’s 9 | |
| 31 | 31 | previous years’ gross scheduled rental income or a lesser percentage as determined by each 10 | |
| 32 | 32 | municipality. 11 | |
| 33 | 33 | SECTION 2. This act shall take effect upon passage. 12 | |
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| 35 | 35 | LC000871 | |
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| 38 | 38 | ||
| 39 | 39 | LC000871 - Page 2 of 2 | |
| 40 | 40 | EXPLANATION | |
| 41 | 41 | BY THE LEGISLATIVE COUNCIL | |
| 42 | 42 | OF | |
| 43 | 43 | A N A C T | |
| 44 | 44 | RELATING TO TAXATION-- LEVY AND ASSESSMENT OF LOCAL TAXES | |
| 45 | 45 | *** | |
| 46 | 46 | This act would increase the maximum tax for qualifying low-income housing from eight 1 | |
| 47 | 47 | percent (8%) to ten percent (10%) of the property's previous year's gross scheduled rental income. 2 | |
| 48 | 48 | This act would take effect upon passage. 3 | |
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| 50 | 50 | LC000871 | |
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