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| 5 | 5 | | 2025 -- S 0723 |
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| 7 | 7 | | LC001985 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2025 |
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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 -- LEVY AND ASSESSMENT OF LOCAL TAXES |
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| 16 | 16 | | Introduced By: Senators Thompson, Murray, Tikoian, Appollonio, and Pearson |
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| 17 | 17 | | Date Introduced: March 07, 2025 |
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| 18 | 18 | | Referred To: Senate Housing & Municipal Government |
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| 19 | 19 | | |
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| 20 | 20 | | |
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| 21 | 21 | | It is enacted by the General Assembly as follows: |
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| 22 | 22 | | SECTION 1. Section 44-5-13.11 of the General Laws in Chapter 44-5 entitled "Levy and 1 |
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| 23 | 23 | | Assessment of Local Taxes" is hereby amended to read as follows: 2 |
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| 24 | 24 | | 44-5-13.11. Qualifying low-income housing — Assessment and taxation. 3 |
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| 25 | 25 | | (a) Any residential property that has been issued an occupancy permit on or after January 4 |
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| 26 | 26 | | 1, 1995, after substantial rehabilitation as defined by the U.S. Department of Housing and Urban 5 |
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| 27 | 27 | | Development and is encumbered by a covenant recorded in the land records in favor of a 6 |
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| 28 | 28 | | governmental unit or Rhode Island housing and mortgage finance corporation restricting either or 7 |
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| 29 | 29 | | both the rents that may be charged to tenants of the property or the incomes of the occupants of the 8 |
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| 30 | 30 | | property, is subject to a tax that equals eight percent (8%) of the property’s previous years’ gross 9 |
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| 31 | 31 | | scheduled rental income or a lesser percentage as determined by each municipality. 10 |
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| 32 | 32 | | (b) Any city or town whose low- or moderate-income housing units exceeds the ten percent 11 |
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| 33 | 33 | | (10%) threshold outlined under chapter 53 of title 45 ("low and moderate income housing") shall 12 |
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| 34 | 34 | | be exempt from the provisions of subsection (a) of this section for any and all properties that have 13 |
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| 35 | 35 | | been issued an occupancy permit after December 31, 2024; provided, further, that any local city or 14 |
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| 36 | 36 | | town council may, by passage of a resolution, elect not to be exempted under the provisions of 15 |
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| 37 | 37 | | subsection (a) of this section. 16 |
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| 38 | 38 | | |
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| 39 | 39 | | |
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| 40 | 40 | | LC001985 - Page 2 of 3 |
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| 41 | 41 | | SECTION 2. This act shall take effect upon passage. 1 |
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| 43 | 43 | | LC001985 |
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| 44 | 44 | | ======== |
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| 45 | 45 | | |
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| 46 | 46 | | |
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| 47 | 47 | | LC001985 - Page 3 of 3 |
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| 48 | 48 | | EXPLANATION |
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| 49 | 49 | | BY THE LEGISLATIVE COUNCIL |
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| 50 | 50 | | OF |
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| 51 | 51 | | A N A C T |
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| 52 | 52 | | RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES |
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| 53 | 53 | | *** |
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| 54 | 54 | | This act would exempt certain cities and towns whose communities exceed the low-and 1 |
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| 55 | 55 | | moderate-income housing threshold from the tax of the previous year's gross scheduled rental 2 |
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| 56 | 56 | | income. 3 |
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| 57 | 57 | | This act would take effect upon passage. 4 |
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| 58 | 58 | | ======== |
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| 59 | 59 | | LC001985 |
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| 60 | 60 | | ======== |
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| 61 | 61 | | |
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