S2034

	2016 -- S 2034
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	LC003168
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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 -- LEVY AND ASSESSMENT OF LOCAL TAXES

	Introduced By: Senator Roger Picard
	Date Introduced: January 13, 2016
	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	twelve percent (12%) or more of the residential units within a municipality qualify for low-
12	income housing, the tax that may be charged is ten percent (10%) of the property's current year's
13	gross scheduled rental income or a lesser percentage as determined by each municipality.
14	SECTION 2. This act shall take effect upon passage.
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	LC003168
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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, in which twelve percent (12%) of the housing in a
2	municipality qualifies for low-income housing, to charge a tax up to ten percent (10%) of the
3	current year's gross scheduled rental income.
4	This act would take effect upon passage.
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	LC003168
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