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2013 -- S 0207 SUBSTITUTE A | |
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LC00539/SUB A | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO TAXATION - LEVY AND ASSESSMENT OF LOCAL TAXES | |
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Introduced By: Senators Cote, and Picard | |
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Date Introduced: February 06, 2013 | |
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Referred To: Senate Housing & Municipal Government | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 44-5-13.11 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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44-5-13.11. Qualifying low-income housing -- Assessment and taxation. -- Any |
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residential property that has been issued an occupancy permit on or after January 1, 1995, after |
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substantial rehabilitation as defined by the U.S. Department of Housing and Urban Development |
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and is encumbered by a covenant recorded in the land records in favor of a governmental unit or |
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Rhode Island housing and mortgage finance corporation restricting either or both the rents that |
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may be charged to tenants of the property or the incomes of the occupants of the property, is |
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subject to a tax that equals |
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gross scheduled rental income or a lesser percentage as determined by each municipality. |
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SECTION 2. This act shall take effect upon passage. |
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LC00539/SUB A | |
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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 | |
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This act would increase the maximum tax from eight percent (8%) to ten percent (10%) |
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of gross scheduled rental income on qualifying low-income housing. |
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This act would take effect upon passage. |
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LC00539/SUB A | |
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