|
2013 -- H 5404 | |
|
======= | |
|
LC00834 | |
|
======= | |
|
STATE OF RHODE ISLAND | |
|
| |
|
IN GENERAL ASSEMBLY | |
|
| |
|
JANUARY SESSION, A.D. 2013 | |
|
| |
|
____________ | |
|
| |
|
A N A C T | |
|
RELATING TO TAXATION - LEVY AND ASSESSMENT OF LOCAL TAXES | |
|
|
|
|
|
|
|
Introduced By: Representatives Baldelli-Hunt, Phillips, Casey, Abney, and Lombardi | |
|
Date Introduced: February 13, 2013 | |
|
Referred To: House Finance | |
|
It is enacted by the General Assembly as follows: | |
|
1-1 |
SECTION 1. Section 44-5-13.11 of the General Laws in Chapter 44-5 entitled "Levy and |
|
1-2 |
Assessment of Local Taxes" is hereby amended to read as follows: |
|
1-3 |
44-5-13.11. Qualifying low-income housing -- Assessment and taxation. -- Any |
|
1-4 |
residential property that has been issued an occupancy permit on or after January 1, 1995, after |
|
1-5 |
substantial rehabilitation as defined by the U.S. Department of Housing and Urban Development |
|
1-6 |
and is encumbered by a covenant recorded in the land records in favor of a governmental unit or |
|
1-7 |
Rhode Island housing and mortgage finance corporation restricting either or both the rents that |
|
1-8 |
may be charged to tenants of the property or the incomes of the occupants of the property, is |
|
1-9 |
subject to a tax that equals |
|
1-10 |
years' gross scheduled rental income or a lesser percentage as determined by each municipality. |
|
1-11 |
SECTION 2. This act shall take effect upon passage. |
|
| |
|
======= | |
|
LC00834 | |
|
======= | |
|
EXPLANATION | |
|
BY THE LEGISLATIVE COUNCIL | |
|
OF | |
|
A N A C T | |
|
RELATING TO TAXATION - LEVY AND ASSESSMENT OF LOCAL TAXES | |
|
*** | |
|
2-1 |
This act would increase the maximum tax from eight percent (8%) to fifteen percent |
|
2-2 |
(15%) of gross scheduled rental income on qualifying low-income housing. |
|
2-3 |
This act would take effect upon passage. |
|
| |
|
======= | |
|
LC00834 | |
|
======= |