2016 -- H 7126 | |
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LC003297 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2016 | |
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A N A C T | |
RELATING TO TAXATION - PORTSMOUTH COMMERCIAL FINES | |
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Introduced By: Representatives Canario, Edwards, Gallison, and Tanzi | |
Date Introduced: January 13, 2016 | |
Referred To: House Municipal Government | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is |
2 | hereby amended by adding thereto the following section: |
3 | 44-3-9.9. Portsmouth - Exemption or stabilizing of taxes on certain qualified |
4 | commercial property. – The Portsmouth town council may authorize real and tangible property |
5 | taxes to be exempted or stabilized for legally permitted commercial or industrial businesses that |
6 | construct a new facility, renovate or expand an existing facility, or add leasehold improvements. |
7 | Nothing in this section shall be deemed to permit the exemption or stabilization for any |
8 | manufacturing or commercial concern locating from one city or town within the state to another. |
9 | SECTION 2. This act shall take effect upon passage. |
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LC003297 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION - PORTSMOUTH COMMERCIAL FINES | |
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1 | This act would authorize the town of Portsmouth to establish a tax stabilization program |
2 | for legally permitted new commercial construction projects located within its borders. |
3 | This act would take effect upon passage. |
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