S0112

	2015 -- S 0112
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	LC000205
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	STATE OF RHODE ISLAND
	IN GENERAL ASSEMBLY
	JANUARY SESSION, A.D. 2015
	____________
	A N A C T
	RELATING TO TAXATION - LEVY AND ASSESSMENT OF LOCAL TAXES

	Introduced By: Senator Roger Picard
	Date Introduced: January 22, 2015
	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%) of the property's previous years' gross scheduled
10	rental income or a lesser percentage as determined by each municipality; provided that where
11	there is a budget commission or a court-appointed individual or body authorized by law to take
12	action on behalf of a municipality, the tax that the municipality may charge, is up to fifteen
13	percent (15%) of the property's current year's gross scheduled rental income or a lesser
14	percentage as determined by the municipality.
15	SECTION 2. This act shall take effect upon passage.
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	LC000205
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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 permit a municipality, where there is a budget commission, to charge a
2	tax of up to fifteen percent (15%) of the qualified low-income housing's current year's gross
3	scheduled rent.
4	This act would take effect upon passage.
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	LC000205
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