2022 -- S 2056

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LC003669

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2022

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A N   A C T

RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

     

     Introduced By: Senator Roger Picard

     Date Introduced: January 25, 2022

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 44-5-13.11 of the General Laws in Chapter 44-5 entitled "Levy and

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

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     44-5-13.11. Qualifying low-income housing -- Assessment and taxation.

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     Any residential property that has been issued an occupancy permit on or after January 1,

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1995, after substantial rehabilitation as defined by the U.S. Department of Housing and Urban

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Development and is encumbered by a covenant recorded in the land records in favor of a

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governmental unit or Rhode Island housing and mortgage finance corporation restricting either or

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both the rents that may be charged to tenants of the property or the incomes of the occupants of the

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property, is subject to a tax that equals eight percent (8%) ten percent (10%) of the property's

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previous years' prospective year's gross scheduled rental income or a lesser percentage as

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determined by each municipality.

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     SECTION 2. This act shall take effect upon passage.

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LC003669

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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 modify the maximum tax on qualifying low-income property from eight

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percent (8%) of the previous year's gross scheduled rental income to ten percent (10%) of the

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prospective year's gross scheduled rental income.

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     This act would take effect upon passage.

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LC003669

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