Chapter 409
2012 -- S 2089
Enacted 06/22/12
A N A C T
RELATING TO
TAXATION -
Introduced By: Senators Maher, Shibley, and Kettle
Date Introduced: January 18, 2012
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 thereto the following section:
44-3-9.8.
used for manufacturing or commercial purposes in the town
of
Except as provided in this section, the town council
of the town of
authorize, for a period not exceeding ten (10) years, and
subject to the conditions provided in this
section, to exempt from payment, in whole or part, real and
personal property used for
manufacturing or commercial purposes, or to determine a stabilized
amount of taxes to be paid on
account of the property, notwithstanding the valuation of the
property or the rate of tax; provided,
that after public hearings, at least ten (10) days' notice
of which shall be given in a newspaper of
general circulation in the town, the town council determines
that:
(1) Granting of the
exemption or stabilization of taxes will inure to the benefit of the
town by reason of:
(i)
The willingness of the manufacturing or commercial concern to locate in the
town; or
(ii) The willingness
of a manufacturing firm to expand facilities with an increase in
employment or the willingness of a commercial or manufacturing
concern to retain or expand its
facility in the town and not reduce its work force in the
town; or
(iii) An improvement
of the physical plant of the town that will result in long-term
economic benefits to the town and the state.
(2) Granting of the
exemption or stabilization of taxes will inure to the benefit of the
town by reason of the willingness of a manufacturing or
commercial firm or concern to replace,
reconstruct, expand or remodel existing buildings, facilities,
fixtures, machinery, or equipment
with modern buildings, facilities, fixtures, machinery, or
equipment, resulting in an increase in,
plant or commercial building investments by the firm or
concern in the town.
(b) Should the town
council make the determination in paragraphs (a)(1)(i) -- paragraphs
(a)(1)(iii), or subdivision (a)(2)
of this section, an exemption or stabilization may be granted for
existing buildings, property, machinery, or facilities owned
by businesses already located in the
town of
(c) For the purposes
of this section, "real property used for manufacturing or commercial
purposes" includes any building or structure used for
offices or commercial enterprises including
without limitation any building or structure used for
wholesale, warehouse, distribution, and/or
storage business, used for service industries, or used for
any other commercial business and the
land on which the building or structure is situated and
not used for residential purposes.
(d) For purposes of
this section, "personal property used for manufacturing or
commercial purposes" means any personal property owned by a
firm or concern occupying a
building, structure, and/or land used for commercial purposes
and used by such firm or concern in
its commercial enterprise including, without limitation,
furniture, fixtures, equipment, machinery,
stock in trade, and inventory.
(e) Except as
provided in this section, property for which taxes have been exempted in
whole or in part, or stabilized pursuant to this section,
shall not, during the period for which taxes
have been exempted or stabilized, be further liable to
taxation by the town so long as the property
is used for the manufacturing or commercial purposes for
which the exemption or stabilization
was granted.
(f) Notwithstanding
any vote of, or findings by the town council, the property shall be
assessed for, and shall pay, that portion of the tax, if any,
assessed by the town for the purpose of
paying the indebtedness of the town and the indebtedness of
the state or any political subdivision
of the state, to the appropriation to any sinking fund
of the town, which portion of the tax shall be
paid in full, and the taxes so assessed and collected
shall be kept in a separate account and used
only for that purpose.
(g) Any application
for tax exemption or stabilization submitted pursuant to this section
shall be submitted before an application for development
plan review is submitted to the West
Greenwich planning board, as applicable, or for other
such permits and/or approvals that may be
required from any other town board or commission.
(h) Any tax
exemption or stabilization granted by the town council pursuant to this
section shall be applicable for a period beginning on the
first day of the fiscal year in which the
exemption or stabilization is granted.
(i)
If a property owner whose property tax has been exempted or stabilized pursuant
to
this section becomes delinquent in the payment of its
property taxes, or transfers ownership of its
business, the town council shall have the authority to review
and terminate the tax exemption or
stabilization agreement.
SECTION
2. If any provision of this act, or the application thereof to
the town of
Greenwich or to any person or circumstances, is deemed
invalid for any reason, the remainder of
this act, or the application of such provision to said
town or other persons or circumstances, shall
not be affected thereby and, to this end, the provisions
of this act are declared to be severable.
SECTION 3. This act shall take effect upon passage.
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LC00356
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