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2012 -- S 2965 | |
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LC02643 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO TAXATION-LEVY AND ASSESSMENT OF LOCAL TAXES-CENTRAL | |
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FALLS | |
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Introduced By: Senator Elizabeth A. Crowley | |
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Date Introduced: May 17, 2012 | |
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Referred To: Senate Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 44-5-61.1 of the General Laws in Chapter 44-5 entitled "Levy and |
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Assessment of Local Taxes" is hereby amended to read as follows: |
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44-5-61.1. Central Falls -- Exemption or stabilizing of taxes on qualifying property |
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located in the city. -- Except as provided in this section, the city council of the city of Central |
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Falls may vote to authorize for a period not exceeding |
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conditions provided in this section, to exempt from payment, in whole or in part, real and |
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personal qualifying property, or to determine a stabilized amount, of taxes to be paid on account |
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of the qualifying property located within the city of Central Falls, notwithstanding the valuation |
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of the property or the rate of tax; provided, that after a public hearing, at least ten (10) days' |
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notice of which must be given in a newspaper having a general circulation in the city, the city |
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council determines that granting of the exemption or stabilization for qualifying property will |
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inure to the benefit of the city by reason of the willingness of the owners of qualifying property to |
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replace, reconstruct, expand or remodel existing buildings, facilities, machinery, or equipment |
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with modern buildings, facilities, fixtures, machinery, or equipment or to construct new buildings |
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or facilities or acquire new machinery or equipment for use in the buildings or facilities or to |
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reoccupy or reuse the buildings or facilities if they are vacant or abandoned for |
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manufacturing/warehousing or research and development, resulting in an increase in investment |
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by the owners in the city. For purposes of this section, "qualifying property" means any building |
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or structures used or intended to be used essentially for offices, manufacturing, or commercial |
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enterprises. Except as provided in this section, property, the payment of taxes on which has been |
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so exempted or which is subject to the payment of a stabilized amount of taxes, shall not, during |
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the period for which the exemption or stabilization of the amount of taxes is granted, be further |
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liable to taxation by the city so long as that property is used or intended to be used for the |
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manufacturing or commercial purposes for which the exemption or stabilized amount of taxes |
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was made. |
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SECTION 2. This act shall take effect upon passage. |
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LC02643 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO TAXATION-LEVY AND ASSESSMENT OF LOCAL TAXES-CENTRAL | |
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FALLS | |
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This act would authorize the city council of the city of Central Falls to increase the |
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amount of time for tax exemptions for certain improvements to real and personal qualifying |
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property from five (5) years to ten (10) years. |
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This act would take effect upon passage. |
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LC02643 | |
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