2016 -- H 7955

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LC005480

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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 -- PROPERTY SUBJECT TO TAXATION--TOWN OF EXETER

     Introduced By: Representatives Costa, and Price

     Date Introduced: March 17, 2016

     Referred To: House Municipal Government

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is

hereby amended by adding thereto the following section:

     44-3-21.1. Town of Exeter -- Renewable energy systems -- Tax stabilization. -- (a)

Notwithstanding the provisions of §§44-3-3(20) and 44-3-3(22), the town council of the town of

Exeter may, by ordinance, either tax and/or provide for the exemption from payment of real and

personal property taxes, in whole or in part, or may provide for the stabilization of the amount of

real and personal property taxes on, property used for the production of renewable energy.

     (b) In furtherance thereof, the town council may enter into agreements for payments in

lieu of taxes. Any particular exemption, stabilization plan, or agreement shall be effective for any

period determined by resolution.

     SECTION 2. This act shall take effect upon passage.

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LC005480

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION--TOWN OF EXETER

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     This act would authorize the town of Exeter to enter into tax stabilization agreements,

including agreements for payments in lieu of taxes with respect to renewable energy facilities.

     This act would take effect upon passage.

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