2016 -- S 2640 SUBSTITUTE A

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LC004904/SUB A

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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 - BURRILLVILLE

     

     Introduced By: Senator P Fogarty

     Date Introduced: February 25, 2016

     Referred To: Senate Housing & Municipal Government

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 44-3-9.3 of the General Laws in Chapter 44-3 entitled "Property

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Subject to Taxation" is hereby amended to read as follows:

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     44-3-9.3. Burrillville -- Exemption or stabilizing of taxes on qualifying property used

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for manufacturing or commercial purposes. -- (a) Except as provided in this section, the town

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council of the town of Burrillville may vote to authorize, for a period not to exceed ten (10) years,

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and subject to the conditions as provided in this section, to exempt from payment, in whole or in

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part, real and personal property used for manufacturing, or commercial, or mixed-use purposes,

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or to determine a stabilized amount of taxes to be paid on account of such property,

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notwithstanding the valuation of the property or the rate of tax; provided, that after public

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hearings, at least ten (10) days' notice of which shall be given in a newspaper having a general

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circulation in the town, the town council determines that:

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      (1) Granting of the exemption or stabilization of taxes will inure to the benefit of the

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town by reason of:

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      (i) The willingness of the manufacturing or commercial firm or concern to locate in the

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town; or

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      (ii) The willingness of a manufacturing or commercial firm or concern to expand

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facilities with an increase in employment; or

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      (2) Granting of the exemption or stabilization of taxes will inure to the benefit of the

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town by reason of the willingness of a manufacturing, or commercial, or mixed-use firm or

 

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concern to replace, reconstruct, expand, or remodel existing buildings, facilities, fixtures,

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machinery, or equipment with modern buildings, facilities, fixtures, machinery, or equipment

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resulting in an increase in plant, or commercial, or mixed-use building investment by the firm or

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concern in the town.

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      (b) For purposes of this section, "real property used for commercial, or mixed-use

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purposes" includes any building or structure used for offices or commercial enterprises including

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without limitation any building or structure used for wholesale, warehouse, distribution, and/or

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storage businesses, used for service industries, or used for any other commercial business,

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including mixed-use, and the land on which any such building or structure is situated and not

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used solely for residential purposes.

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      (c) For purposes of this section, "personal property used for commercial, or mixed-use

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purposes" means any personal property owned by a firm or concern occupying a building,

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structure, and/or land used for commercial, or mixed-use purposes and used by such firm or

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concern in its commercial, or mixed-use enterprise including, without limitation, furniture,

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fixtures, equipment, machinery, stock in trade, and inventory.

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      (d) Except as provided in this section, real and personal property, the payment of taxes

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on which has been so exempted or which is subject to the payment of a stabilized amount of

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taxes, shall not, during the period for which the exemption or stabilization of the amount of taxes

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is granted, be further liable to taxation by the town in which the property is located so long as the

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property is used for the manufacturing, or commercial, or mixed-use purposes for which the

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exemption or stabilized amount of taxes was made.

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      (e) Notwithstanding any vote and findings by the town council, the property shall be

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assessed for and shall pay that portion of the tax if any assessed by the town of Burrillville for the

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purpose of paying the indebtedness of the town and the indebtedness of the state or any political

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subdivision of the state to the extent assessed upon or apportioned to the town, and the interest on

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the indebtedness, and for appropriation to any sinking fund of the town, which portion of the tax

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shall be paid in full, and the taxes so assessed and collected shall be kept in a separate account

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and used only for that purpose.

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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 - PROPERTY SUBJECT TO TAXATION - BURRILLVILLE

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     This act would authorize the town of Burrillville to extend its tax-stabilization program to

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cover mixed-use properties.

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     This act would take effect upon passage.

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