| Chapter 254 |
| 2021 -- H 6299 Enacted 07/14/2021 |
| A N A C T |
| RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION -- SMITHFIELD |
Introduced By: Representatives Costantino, and Hawkins |
| Date Introduced: May 05, 2021 |
| 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: |
| 44-3-9.11. Smithfield - Exemption or stabilizing of taxes on qualifying property used |
| for manufacturing or commercial purposes. |
| (a) Except as provided in this section, the town council of the town of Smithfield may vote |
| to authorize, for a period not to exceed ten (10) years, and subject to the conditions provided in this |
| section, to exempt from payment, in whole or in part, real and/or 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 |
| having a 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 firm or concern to locate in the |
| town; or |
| (ii) The willingness of a manufacturing or commercial firm or concern to expand facilities |
| with an increase in employment; or |
| (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 investment by the firm or concern in the town. |
| (b) For purposes of this section, "real property used for 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 businesses, 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. |
| (c) For purposes of this section, "personal property used for commercial purposes" means |
| any personal property owned by a firm or concern in its commercial enterprise including, without |
| limitation, furniture, fixtures, equipment, machinery, stock in trade, and inventory. |
| (d) Except as provided in this section, property, the payment of taxes or on 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 town in which |
| the property is located so long as the property is used for the manufacturing or commercial purposes |
| for which the exemption or stabilized amount of taxes was made. |
| (e) Notwithstanding any vote and 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 of Smithfield 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 extent assessed upon or apportioned to the town, and the interest on |
| the indebtedness, and for 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. |
| SECTION 2. This act shall take effect upon passage. |
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| LC002801 |
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