2023 -- H 6014 | |
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LC001916 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2023 | |
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A N A C T | |
RELATING TO TAXATION -- STATEWIDE TANGIBLE PROPERTY TAX EXEMPTION | |
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Introduced By: Representatives Rea, Shallcross Smith, Chippendale, Newberry, Place, | |
Date Introduced: March 01, 2023 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by |
2 | adding thereto the following chapter: |
3 | CHAPTER 5.3 |
4 | STATEWIDE TANGIBLE PROPERTY TAX EXEMPTION |
5 | 44-5.3-1. Statewide tangible property tax exemption. |
6 | (a) Notwithstanding the provisions of chapter 5 of this title or any other provisions to the |
7 | contrary, in an effort to provide relief for businesses, including small businesses, and to promote |
8 | economic development, all ratable, tangible personal property not otherwise exempt from taxation |
9 | shall be exempt from taxation up to and including the amount of assessed value set forth in |
10 | subsection (b) of this section. |
11 | (b) The exemption provided in subsection (a) of this section shall be up to and including |
12 | the following amounts: |
13 | (1) Five thousand dollars ($5,000) for the tax year ending on December 31, 2024; |
14 | (2) Twenty thousand dollars ($20,000) for the tax year ending on December 31, 2025; |
15 | (3) Fifty thousand dollars ($50,000) for the tax year ending on December 31, 2026; |
16 | (4) One hundred thousand dollars ($100,000) for the tax year ending on December 31, |
17 | 2027; |
18 | (5) Two hundred fifty thousand dollars ($250,000) for the tax year ending on December |
19 | 31, 2028. |
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1 | (c) Beginning in fiscal year 2025 and for each fiscal year through fiscal year 2029, cities, |
2 | towns, and fire districts shall receive reimbursements, as set forth in this section, from state general |
3 | revenues equal to the amount of lost tax revenues due to the reduction of the tangible property tax |
4 | in the respective fiscal year as a result of the corresponding exemption set forth in subsections (a) |
5 | and (b) of this section. |
6 | (d) Beginning in fiscal year 2029, all ratable, tangible personal property assessed at less |
7 | than two hundred fifty thousand dollars ($250,000), shall be exempt from taxation. |
8 | 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 -- STATEWIDE TANGIBLE PROPERTY TAX EXEMPTION | |
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1 | This act would phase in an exemption from taxation of all ratable, tangible personal |
2 | property of businesses, up to a maximum assessed value of two hundred fifty thousand dollars |
3 | ($250,000), over a five (5) year period, at which time, the maximum exemption would become |
4 | permanent. This act would also provide for cities, towns, and fire districts to receive reimbursement |
5 | from state general revenues equal to the amount of lost tax revenues due to the exemption. |
6 | This act would take effect upon passage. |
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