2019 -- S 0207

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LC000771

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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 LOCAL ASSESSMENT OF LOCAL TAXES

     Introduced By: Senators Lombardo, Crowley, Nesselbush, and Ciccone

     Date Introduced: January 31, 2019

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 44-5-13.11 of the General Laws in Chapter 44-5 entitled "Levy and

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

     44-5-13.11. Qualifying low-income housing -- Assessment and taxation Qualifying

low- and moderate- income housing -- Assessment and taxation.

     Any residential property that has been issued an occupancy permit on or after January 1,

1995, after substantial rehabilitation as defined by the U.S. Department of Housing and Urban

Development Handbook 4460.1, Chapter 4, Section 2, and is encumbered by a covenant recorded

in the land records in favor of a governmental unit or Rhode Island housing and mortgage finance

corporation restricting either or both the rents that may be charged to tenants of the property or

the incomes of the occupants of the property, is subject to a tax that equals eight percent (8%) of

the property's previous years' gross scheduled rental income or a lesser percentage as determined

by each municipality.

     SECTION 2. This act shall take effect upon passage.

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LC000771

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION -- LEVY AND LOCAL ASSESSMENT OF LOCAL TAXES

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     This act would apply a tax to moderate-income housing equal to eight percent (8%) of the

property's previous year's gross scheduled rental income.

     This act would take effect upon passage.

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LC000771

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