S0051

	2019 -- S 0051
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	LC000104
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	STATE OF RHODE ISLAND
	IN GENERAL ASSEMBLY
	JANUARY SESSION, A.D. 2019
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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 16, 2019
	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.
4	Any residential property that has been issued an occupancy permit on or after January 1,
5	1995, after substantial rehabilitation as defined by the U.S. Department of Housing and Urban
6	Development and is encumbered by a covenant recorded in the land records in favor of a
7	governmental unit or Rhode Island housing and mortgage finance corporation restricting either or
8	both the rents that may be charged to tenants of the property or the incomes of the occupants of
9	the property, is subject to a tax that equals eight percent (8%) of the property's previous years'
10	gross scheduled rental income or a lesser percentage as determined by each municipality;
11	provided, that where twelve percent (12%) or more of the residential units within a municipality
12	qualify for low-income housing, the tax that may be charged is ten percent (10%) of the
13	property's current year's gross scheduled rental income or a lesser percentage as determined by
14	each municipality.
15	SECTION 2. This act shall take effect upon passage.
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	LC000104
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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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