Chapter 004
2023 -- S 0239
Enacted 03/22/2023

A N   A C T
RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION

Introduced By: Senators Pearson, and Picard

Date Introduced: February 16, 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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