Exempts 30% of the lessor’s assessed real property tax expense over $19,500 for each calendar year remaining on the 10 year lease dated July 27, 2021, of Rhode Island Coalition Against Domestic Violence.
Impact
The legislative discussions surrounding S3024 highlighted the potential for this bill to set a precedence in how similar organizations might seek tax exemptions in the future. By targeting a specific nonprofit organization, the bill illustrates a tailored approach to taxation that could influence how property tax laws might be applied or interpreted in relation to nonprofit entities. It raises considerations regarding the equitable treatment of various organizations depending on their mission and operational context.
Summary
Bill S3024 proposes a significant change to property taxation laws in Rhode Island by exempting 30% of the assessed real property tax expense for lessors over the threshold of $19,500, specifically for properties leased to the Rhode Island Coalition Against Domestic Violence. This exemption is structured to apply for each calendar year that remains on a ten-year lease established on July 27, 2021. The bill's primary aim is to provide financial relief to the Coalition, allowing it to allocate resources more efficiently in servicing its mission.
Contention
Notably, there may be concerns regarding the implications of granting specific tax exemptions to certain organizations over others, which could be viewed as preferential treatment. Critics could argue that this approach may undermine the broader tax base, making it difficult for municipalities to maintain services relying on property tax revenues. Furthermore, the issue of establishing criteria for tax exemptions becomes paramount, leading to debates concerning fairness and the consistency of tax law application among various nonprofits across the state.
Exempts from taxation the real and tangible personal property of the Johnnycake Center Realty Corporation, a domestic nonprofit corporation, located in South Kingstown.
Exempts from taxation the real and tangible personal property of the Johnnycake Center Realty Corporation, a domestic nonprofit corporation, located in South Kingstown.
Exempts from taxation the non-commercial real and tangible personal property of Southside Community Land Trust, a Rhode Island domestic nonprofit corporation, located in Providence, Rhode Island.
Exempts from taxation the non-commercial real and tangible personal property of Southside Community Land Trust, a Rhode Island domestic nonprofit corporation, located in Providence, Rhode Island.