05-LA 065

2005 -- S 0227 SUBSTITUTE A

Enacted 07/19/05

A N A C T

RELATING TO CITIES AND TOWNS -- EXEMPTING FROM TAXATION PROPERTY OF THE PROVIDENCE, RHODE ISLAND YOUNG MEN'S CHRISTIAN ASSOCIATION

Introduced By: Senators Perry, Goodwin, Pichardo, and Roberts

Date Introduced: February 03, 2005

It is enacted by the General Assembly as follows:

     SECTION 1. The limitation on the value, to an amount not exceeding fifteen million

dollars ($15,000,000), established by section 1 of an act passed at the January session, A.D. 1967,

entitled: "An Act in amendment of an act passed at the January session, A.D. 1957, entitled "An

Act in Amendment of an Act passed at the January Session, A.D. 1939, Entitled 'An Act in

Amendment of an Act Passed at the January Session, A.D. 1912, Entitled " An Act in Addition to

and in Amendment of an Act, Entitled 'An Act to Incorporate the Providence Young Men's

Christian Association and the Several Acts in Addition to and in Amendment Thereof."

     is hereby repealed.

     SECTION 2. Such real and personal estate held by the Greater Providence Young Men's

Christian Association, a nonbusiness corporation, on June 1, 2005, and exempt from taxation

shall remain exempt from taxation so long as said property shall be used for the purpose for

which said corporation was incorporated. Such property held by the corporation on June 1, 2005,

including the certain real estate located in the Town of South Kingstown identified as Assessor's

Plat 76-1, lot 6, and not exempt from taxation shall remain subject to taxation. Such property as

may be acquired and held by the corporation after June 1, 2005, shall be exempt from taxation

provided said property is used directly and exclusively for the benevolent and charitable purposes

of the corporation.

      SECTION 3. This act shall take effect upon passage.

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LC01121/SUB A

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