2014 -- S 2018 | |
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LC003126 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2014 | |
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A N A C T | |
RELATING TO TAXATION - LEVY AND ASSESSMENT OF LOCAL TAXES | |
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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. |
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LC003126 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION - LEVY AND ASSESSMENT OF LOCAL TAXES | |
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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. |
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