| Chapter 466 |
| 2017 -- S 0971 Enacted 10/11/2017 |
| A N A C T |
| RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES |
| Introduced By: Senator Elizabeth A. Crowley |
| Date Introduced: June 21, 2017 |
| 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. Central Falls -- Exemption or stabilizing of taxes on qualifying property |
| located in the city. |
| Except as provided in this section, the city council of the city of Central Falls may vote to |
| authorize for a period not exceeding ten (10) twelve (12) 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 Central Falls, notwithstanding the valuation 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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| LC002881 |
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