2021 -- S 0831

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LC002667

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2021

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A N   A C T

RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

     

     Introduced By: Senator Jessica de la Cruz

     Date Introduced: April 23, 2021

     Referred To: Senate Housing & Municipal Government

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 44-5-55.2 of the General Laws in Chapter 44-5 entitled "Levy and

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Assessment of Local Taxes" is hereby repealed.

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     44-5-55.2. Burrillville -- Tax levy and stabilization. [As added by P.L. 2020, ch. 50, §

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2.]

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     The town of Burrillville is authorized to establish by ordinance a process to stabilize tax

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assessments and provide tax credits for physical improvements made to certain properties located

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in areas of town that have been designated substandard by the town's comprehensive plan or as may

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be separately designated by the town council. Specifically, the ordinance shall provide that physical

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improvements made to any commercial, industrial, mixed-use buildings, and apartment houses with

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six (6) or more legal units located in areas that have been designated substandard may be eligible

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for either a tax stabilization or a tax credit against their real estate tax levy as set forth in the town's

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ordinance. The stabilization granted or tax credit based upon these improvements shall be in place

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for a period not to exceed ten (10) years from the date on which the work on the improvements

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shall have been completed. All improvements made to the property will be assessed accordingly as

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of December 31 of each year pursuant to § 44-5-1. The ordinance shall also include a process for

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an applicant to apply and qualify for the tax stabilization or tax credits.

 

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

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     This act would eliminate a duplication in the general laws by repealing one section of law

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that provided a tax levy and stabilization plan in the town of Burrillville.

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     This act would take effect upon passage.

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