Chapter 095
2013 -- S 0186 AS AMENDED
Enacted 06/17/13
A N A C T
RELATING TO
TAXATION-LEVY AND ASSESSMENT OF
Introduced By: Senator Elizabeth A. Crowley
Date Introduced: February 06, 2013
It is enacted by the
General Assembly as follows:
SECTION 1. Section 44-5-61.1 of the General Laws in Chapter
44-5 entitled "Levy and
Assessment of Local
Taxes" is hereby amended to read as follows:
44-5-61.1.
located in the city. -- Except as provided in this section, the city council of the city of
Falls may vote to authorize for a period not exceeding
five (5) ten (10) years, and subject to the
conditions provided in this section, to exempt from payment, in
whole or in part, real and
personal qualifying property, or to determine a stabilized
amount, of taxes to be paid on account
of the qualifying property located within the city of
of the property or the rate of tax; provided, that after
a public hearing, at least ten (10) days'
notice of which must be given in a newspaper having a
general circulation in the city, the city
council determines that granting of the exemption or stabilization
for qualifying property has
inured or will
inure to the benefit of the city by reason of the willingness of the owners of
qualifying property to replace, reconstruct, expand or remodel
existing buildings, facilities,
machinery, or equipment with modern buildings, facilities,
fixtures, machinery, or equipment or
to construct new buildings or facilities or acquire new
machinery or equipment for use in the
buildings or facilities or to reoccupy or reuse the buildings
or facilities if they are vacant or
abandoned for manufacturing/warehousing or research and
development, resulting in an increase
in investment by the owners in the city. For purposes of
this section, "qualifying property" means
any building or structures used or intended to be used
essentially for offices, manufacturing, or
commercial enterprises., including, but not limited
to, financial service enterprises. Except as
provided in this section, property, the payment of taxes on
which has been so exempted or which
is subject to the payment of a stabilized amount of
taxes, shall not, during the period for which
the exemption or stabilization of the amount of taxes is
granted, be further liable to taxation by
the city so long as that property is used or intended to
be used for the manufacturing or
commercial purposes for which the exemption or stabilized amount
of taxes was made.
SECTION 2. This act shall take effect upon passage.
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LC00386
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