2019 -- S 0052

========

LC000106

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

____________

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%) ten percent (10%) of the property's

10

previous years' prospective year's gross scheduled rental income or a lesser percentage as

11

determined by each municipality.

12

     SECTION 2. This act shall take effect upon passage.

========

LC000106

========

 

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

***

1

     This act would increase the maximum tax on qualifying low-income property from eight

2

percent (8%) of the previous year's gross scheduled rental income to ten percent (10%) of the

3

prospective year's gross scheduled rental income.

4

     This act would take effect upon passage.

========

LC000106

========

 

LC000106 - Page 2 of 2