2014 -- S 2018

========

LC003126

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

____________

A N   A C T

RELATING TO TAXATION - LEVY AND ASSESSMENT OF LOCAL TAXES

     

     Introduced By: Senators Picard, and Goodwin

     Date Introduced: January 09, 2014

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

1

     SECTION 1. Section 44-5-13.11 of the General Laws in Chapter 44-5 entitled "Levy and

2

Assessment of Local Taxes" is hereby amended to read as follows:

3

     44-5-13.11. Qualifying low-income housing -- Assessment and taxation. -- Any

4

residential property that has been issued an occupancy permit on or after January 1, 1995, after

5

substantial rehabilitation as defined by the U.S. Department of Housing and Urban Development

6

and is encumbered by a covenant recorded in the land records in favor of a governmental unit or

7

Rhode Island housing and mortgage finance corporation restricting either or both the rents that

8

may be charged to tenants of the property or the incomes of the occupants of the property, is

9

subject to a tax that equals eight percent (8%) ten percent (10%) of the property's previous years'

10

gross scheduled rental income or a lesser percentage as determined by each municipality.

11

     SECTION 2. This act shall take effect upon passage.

========

LC003126

========

 

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION - LEVY AND ASSESSMENT OF LOCAL TAXES

***

1

     This act would increase the maximum tax from eight percent (8%) to ten percent (10%)

2

of gross scheduled rental income to be eligible for low-income housing.

3

     This act would take effect upon passage.

========

LC003126

========

 

LC003126 - Page 2 of 2