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

     

     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:

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

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hereby amended by adding thereto the following section:

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     44-3-9.9. Portsmouth - Exemption or stabilizing of taxes on certain qualified

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commercial property. – The Portsmouth town council may authorize real and tangible property

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taxes to be exempted or stabilized for legally permitted commercial or industrial businesses that

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construct a new facility, renovate or expand an existing facility, or add leasehold improvements.

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Nothing in this section shall be deemed to permit the exemption or stabilization for any

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manufacturing or commercial concern locating from one city or town within the state to another.

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     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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     This act would authorize the town of Portsmouth to establish a tax stabilization program

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for legally permitted new commercial construction projects located within its borders.

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     This act would take effect upon passage.

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LC003297

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