2017 -- S 0971

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LC002881

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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 TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

     Introduced By: Senator Elizabeth A. Crowley

     Date Introduced: June 21, 2017

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 44-5-61.1 of the General Laws in Chapter 44-5 entitled "Levy and

Assessment of Local Taxes" is hereby amended to read as follows:

     44-5-61.1. Central Falls -- Exemption or stabilizing of taxes on qualifying property

located in the city.

     Except as provided in this section, the city council of the city of Central Falls may vote to

authorize for a period not exceeding ten (10) twelve (12) years, and subject to the conditions

provided in this section, to exempt from payment, in whole or in part, real and personal

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

qualifying property located within the city of Central Falls, notwithstanding the valuation of the

property or the rate of tax; provided, that after a public hearing, at least ten (10) days' notice of

which must be given in a newspaper having a general circulation in the city, the city council

determines that granting of the exemption or stabilization for qualifying property has inured or

will inure to the benefit of the city by reason of the willingness of the owners of qualifying

property to replace, reconstruct, expand or remodel existing buildings, facilities, machinery, or

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

new buildings or facilities or acquire new machinery or equipment for use in the buildings or

facilities or to reoccupy or reuse the buildings or facilities if they are vacant or abandoned for

manufacturing/warehousing or research and development, resulting in an increase in investment

by the owners in the city. For purposes of this section, "qualifying property" means any building

or structures used or intended to be used essentially for offices, manufacturing, or commercial

enterprises, including, but not limited to, financial service enterprises. Except as provided in this

section, property, the payment of taxes on which has been so exempted or which is subject to the

payment of a stabilized amount of taxes, shall not, during the period for which the exemption or

stabilization of the amount of taxes is granted, be further liable to taxation by the city so long as

that property is used or intended to be used for the manufacturing or commercial purposes for

which the exemption or stabilized amount of taxes was made.

     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 -- LEVY AND ASSESSMENT OF LOCAL TAXES

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     This act would amend from ten (10) years to twelve (12) years the period which the city

of Central Falls may authorize a stabilization of taxes on qualifying property located in the city of

Central Falls.

     This act would take effect upon passage.

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LC002881

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