2015 -- S 0033

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LC000207

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2015

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A N   A C T

RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

     

     Introduced By: Senators Picard, and Goodwin

     Date Introduced: January 13, 2015

     Referred To: Senate Finance

     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 eight percent (8%) ten percent (10%) of the property's previous years'

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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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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

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 the property's previous year's gross scheduled rental income for qualifying low income

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housing.

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     This act would take effect upon passage.

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