| Chapter 003 |
| 2023 -- H 5288 Enacted 03/22/2023 |
| A N A C T |
| RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION |
Introduced By: Representatives Voas, Ackerman, Marszalkowski, Phillips, Alzate, Giraldo, Potter, Solomon, and Baginski |
| Date Introduced: February 01, 2023 |
| 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: |
| 44-3-9.12. Exemption or stabilizing of taxes on qualifying property used for |
| manufacturing, commercial, residential, or mixed-use purposes. |
| (a)(1) Except as provided in this section, the town council of the town of Cumberland may |
| vote to authorize, for a period not to exceed twenty (20) years, and subject to the conditions as |
| provided in this section, to exempt from payment, in whole or in part, real and personal property |
| which that has undergone environmental remediation, is historically preserved, or is used for |
| affordable housing, manufacturing, commercial, residential, or mixed-use purposes, or to |
| determine a stabilized amount of taxes to be paid on account of such 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: |
| (i) Granting of the exemption or stabilization of taxes will inure to the benefit of the town |
| by reason of: |
| (A) The willingness of the manufacturing or commercial firm or concern to locate in the |
| town or of individuals to reside in such an area; or |
| (B) The willingness of a manufacturing or commercial firm or concern 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 substantially reduce its work force in the town; or |
| (C) An improvement of the physical plant of the town which that will result in a long-term |
| economic benefit to the town and state; or |
| (D) An improvement which that converts or makes available land or facility that would |
| otherwise be not developable or difficult to develop without substantial environmental remediation; |
| or |
| (ii) Granting of the exemption or stabilization of taxes will inure to the benefit of the town |
| by reason of the willingness of a manufacturing, commercial, residential, or mixed-use firm or |
| property owner to construct new or 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, commercial, residential housing, or mixed-use |
| building investment by the firm or property owner in the town. |
| (2) Provided that should the town council make the determination in subsection (a)(1)(i)(B) |
| of this section, any exemption or stabilization may be granted as to new buildings, fixtures, |
| machinery, or equipment for new buildings, firms, or expansions, and may be granted as to the |
| existing building, fixtures, machinery, and equipment for existing employers in the town. |
| (b) For purposes of this section, “real property used for manufacturing, commercial, |
| residential, or mixed-use purposes” includes any building or structure used for manufacturing, |
| offices, commercial enterprises, and/or residential housing 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 or manufacturing business, residential |
| housing, including mixed-use, and the land on which any such building or structure is situated. |
| (c) For purposes of this section, “personal property used for manufacturing, commercial, |
| or mixed-use purposes” means any property owned by a firm or concern occupying a building, |
| structure, and/or land used for commercial or mixed-use purposes and used by such firm or property |
| owner in its manufacturing, commercial, or mixed-use enterprise including, without limitation, real |
| property and personal property including furniture, fixtures, equipment, machinery, stock in trade, |
| and inventory. |
| (d) Except as provided in this section, real and personal property, the payment of taxes on |
| which has been so exempted or that 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, commercial, residential, or mixed-use 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 Cumberland 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. |
| (f) Renewable energy resources as defined in § 39-26-5, qualify for tax stabilization |
| agreements pursuant to subsection (a) of this section. |
| SECTION 2. This act shall take effect upon passage. |
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| LC000819 |
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