A N
A C T
RELATING TO
TAXATION -- SITUS AND OWNERSHIP OF TAXABLE PROPERTY
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Introduced
By: Senators McCaffrey, Walaska, Revens, Donelan, and Paiva-Weed |
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Date
Introduced: February 05, 2002 |
It is enacted
by the General Assembly as follows:
SECTION 1. Chapter 44-4 of the General Laws entitled "Situs
and Ownership of Taxable Property" is hereby amended by adding thereto the
following section:
44-4-4.2. Leasehold improvements taxed to tenant
of quasi-public corporation. -- Commencing with taxes assessed on December 31, 2001, whenever
real property is owned by a quasi-public corporation and leased to a tenant
which is engaged in any business for profit, and such property is located at an
airport terminal building with more than ten thousand (10,000) air carrier
aircraft operations annually, any tax on leasehold improvements shall be paid
by the tenant, who, for the purposes of taxation, shall be deemed to be the
owner of any such leasehold improvements shall be paid by the tenant, who, for
the purposes of taxation, shall be deemed to be the owner of any such leasehold
improvements, regardless of whether the improvements become state property,
unless the improvements or the tenant or subtenant are otherwise exempt from
taxation.
SECTION 2. This act shall take effect upon passage and shall apply
to taxes assessed commencing on December 31, 2001. If any court of competent
jurisdiction shall adjudge to be invalid or unconstitutional the application of
section 1 of this act to periods prior to the enactment of this act, this act
shall nevertheless be effective for dates of assessment occurring on or after
passage of this act