It is enacted by the General Assembly as follows

SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is hereby amended by adding the following section thereto:

{ADD44-3-27.1. Certain tax exemptions in the Town of Bristol. --ADD} {ADDEach exemption granted on property in the Town of Bristol by any of the provisions of this chapter shall be at a rate equivalent to twenty dollars ($20.00) per one thousand dollars ($1,000.00) of valuation for each exemption granted to a taxpayer. ADD}

SECTION 2. This act shall take effect upon passage and shall apply retroactively to December 31, 1994.