§ 44-5.3-2. Reimbursement of lost tax revenue.
(a) Beginning in fiscal year 2025 and for each fiscal year thereafter, cities, towns, and fire districts shall receive reimbursements, as set forth in this section, from state general revenues for lost tax revenues due to the reduction of the tangible property tax resulting from the statewide exemption set forth in § 44-5.3-1.
(b) Beginning in fiscal year 2025, and for each fiscal year thereafter, cities, towns, and fire districts shall receive a reimbursement equal to the tangible property levy for the assessment date of December 31, 2022, minus the tangible personal property levy for the assessment date of December 31, 2023.
(c) Reimbursements shall be distributed in full to cities, towns, and fire districts on September 30, 2024, and every September 30 thereafter; provided, however, that reimbursement shall not be provided to any city, town, or fire district in any year in which it has failed to provide to the division of municipal finance its certified tax roll in accordance with § 44-5-22 or any other information required by the division of municipal finance to calculate the reimbursement amount.
History of Section.
P.L. 2023, ch. 79, art. 4, § 1, effective June 16, 2023; P.L. 2023, ch. 327, § 1,
effective June 24, 2023; P.L. 2023, ch. 328, § 1, effective June 24, 2023.