Rhode Island Senate Bill S3090

Rhode Island 2024 Regular Session

• Introduced: 5/24/24
• Refer: 5/24/24

Caption

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.

Impact

If enacted, S3090 would amend existing taxation laws specifically to remove certain properties owned by nonprofits from the tax roll, which League legislators argued would enhance the ability of such organizations to reinvest savings into community projects and advocacy efforts. The bill's passage could set a precedence for similar exemptions for other nonprofit organizations, potentially affecting local revenue streams and tax policies significantly.

Summary

Bill S3090 aims to exempt from taxation the non-commercial real and tangible personal property of the Southside Community Land Trust, a domestic nonprofit corporation located in Providence, Rhode Island. This bill seeks to provide financial relief to the organization, thereby supporting its mission to promote community development and land stewardship.

Contention

The bill has faced some contention regarding its implications on local taxation and government financing. Opponents of the bill argue that granting tax exemptions to specific nonprofits could erode the tax base, leading to increased burdens on other taxpayers or cuts in essential public services. Proponents counter that the benefits provided by nonprofits to local communities often outweigh the financial losses incurred by local governments.