2020 -- S 2534 | |
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LC004782 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2020 | |
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A N A C T | |
RELATING TO TAXATION -- LEVY AND LOCAL ASSESSMENT OF LOCAL TAXES | |
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Introduced By: Senators Lombardo, Ciccone, Lombardi, Nesselbush, and Archambault | |
Date Introduced: February 25, 2020 | |
Referred To: Senate Housing & Municipal Government | |
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 Qualifying |
4 | low- and moderate-income housing -- Assessment and taxation. |
5 | Any residential property that has been issued an occupancy permit on or after January 1, |
6 | 1995, after substantial rehabilitation as defined by the U.S. Department of Housing and Urban |
7 | Development Handbook 4460.1, Chapter 4, Section 2, and is encumbered by a covenant recorded |
8 | in the land records in favor of a governmental unit or Rhode Island housing and mortgage finance |
9 | corporation restricting either or both the rents that may be charged to tenants of the property or the |
10 | incomes of the occupants of the property, is subject to a tax that equals eight percent (8%) of the |
11 | property's previous years' gross scheduled rental income or a lesser percentage as determined by |
12 | each municipality. |
13 | SECTION 2. This act shall take effect upon passage. |
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LC004782 | |
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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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1 | This act would apply a tax to moderate-income housing equal to eight percent (8%) of the |
2 | property's previous year's gross scheduled rental income as defined by the U.S. Department of |
3 | Housing and Urban Development Handbook 4461.1, Chapter 4, Section 2. |
4 | This act would take effect upon passage. |
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