2017 -- S 0911 | |
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LC002712 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2017 | |
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A N A C T | |
RELATING TO THE BURRILLVILLE LAND TRUST | |
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Introduced By: Senator P Fogarty | |
Date Introduced: May 18, 2017 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Unless otherwise amended by this act, the terms, conditions, provisions and |
2 | definitions of chapters 78 and 352 of the public laws of 2001 are hereby incorporated by |
3 | reference and shall remain in full force and effect. |
4 | SECTION 2. Section 1 of chapter 78 of the public laws of 2001, entitled "An act relating |
5 | to the Burrillville land trust" is hereby amended to read as follows: |
6 | SECTION 1. Burrillville Land Trust, a nonbusiness corporation created on March 30, |
7 | 2000, shall be exempt from taxation on all property to which it has title, provided that the |
8 | aggregate value of the exempt property shall not exceed five hundred thousand dollars ($500,000) |
9 | two million dollars ($2,000,000) and such property is not zoned for any type of |
10 | commercial/industrial use. |
11 | SECTION 3. Section 1 of chapter 352 of the public laws of 2001, entitled "An act |
12 | relating to the Burrillville land trust" is hereby amended to read as follows: |
13 | SECTION 1. Burrillville Land Trust, a nonbusiness corporation created on March 30, |
14 | 2000, shall be exempt from taxation on all property to which it has title, provided that the |
15 | aggregate value of the exempt shall not exceed five hundred thousand dollars ($500,000) two |
16 | million dollars ($2,000,000) and such property is not zoned for any type of commercial/industrial |
17 | use. |
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1 | SECTION 4. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO THE BURRILLVILLE LAND TRUST | |
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1 | This act would increase the tax exemption for real property held by the Burrillville Land |
2 | Trust to two million dollars ($2,000,000). |
3 | This act would take effect upon passage. |
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