2012 -- S 2965

=======

LC02643

=======

STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

____________

A N A C T

RELATING TO TAXATION-LEVY AND ASSESSMENT OF LOCAL TAXES-CENTRAL

FALLS

     

     

     Introduced By: Senator Elizabeth A. Crowley

     Date Introduced: May 17, 2012

     Referred To: Senate Finance

It is enacted by the General Assembly as follows:

1-1

     SECTION 1. Section 44-5-61.1 of the General Laws in Chapter 44-5 entitled "Levy and

1-2

Assessment of Local Taxes" is hereby amended to read as follows:

1-3

     44-5-61.1. Central Falls -- Exemption or stabilizing of taxes on qualifying property

1-4

located in the city. -- Except as provided in this section, the city council of the city of Central

1-5

Falls may vote to authorize for a period not exceeding five (5) ten (10) years, and subject to the

1-6

conditions provided in this section, to exempt from payment, in whole or in part, real and

1-7

personal qualifying property, or to determine a stabilized amount, of taxes to be paid on account

1-8

of the qualifying property located within the city of Central Falls, notwithstanding the valuation

1-9

of the property or the rate of tax; provided, that after a public hearing, at least ten (10) days'

1-10

notice of which must be given in a newspaper having a general circulation in the city, the city

1-11

council determines that granting of the exemption or stabilization for qualifying property will

1-12

inure to the benefit of the city by reason of the willingness of the owners of qualifying property to

1-13

replace, reconstruct, expand or remodel existing buildings, facilities, machinery, or equipment

1-14

with modern buildings, facilities, fixtures, machinery, or equipment or to construct new buildings

1-15

or facilities or acquire new machinery or equipment for use in the buildings or facilities or to

1-16

reoccupy or reuse the buildings or facilities if they are vacant or abandoned for

1-17

manufacturing/warehousing or research and development, resulting in an increase in investment

1-18

by the owners in the city. For purposes of this section, "qualifying property" means any building

1-19

or structures used or intended to be used essentially for offices, manufacturing, or commercial

2-1

enterprises. Except as provided in this section, property, the payment of taxes on which has been

2-2

so exempted or which is subject to the payment of a stabilized amount of taxes, shall not, during

2-3

the period for which the exemption or stabilization of the amount of taxes is granted, be further

2-4

liable to taxation by the city so long as that property is used or intended to be used for the

2-5

manufacturing or commercial purposes for which the exemption or stabilized amount of taxes

2-6

was made.

2-7

     SECTION 2. This act shall take effect upon passage.

     

=======

LC02643

=======

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION-LEVY AND ASSESSMENT OF LOCAL TAXES-CENTRAL

FALLS

***

3-1

     This act would authorize the city council of the city of Central Falls to increase the

3-2

amount of time for tax exemptions for certain improvements to real and personal qualifying

3-3

property from five (5) years to ten (10) years.

3-4

     This act would take effect upon passage.

     

=======

LC02643

=======

S2965