| Chapter 010 |
| 2023 -- S 0241 Enacted 04/07/2023 |
| A N A C T |
| RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION |
Introduced By: Senators Murray, and Picard |
| Date Introduced: February 16, 2023 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 44-3-9.1 of the General Laws in Chapter 44-3 entitled "Property |
| Subject to Taxation" is hereby amended to read as follows: |
| 44-3-9.1. Woonsocket — Exemption or stabilizing of taxes on qualifying property |
| located in designated districts in the city. |
| (a) Except as provided in this section, the city council of the city of Woonsocket may vote |
| to authorize, for a period not exceeding ten (10) twenty (20) 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 a district designated by the city council, 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 shall be given in a newspaper having a general circulation in the city, the city council |
| determines that designation of the district and granting of the exemption or stabilization for |
| qualifying property located in the city will inure to the benefit of the city by reason of the |
| willingness of 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 such buildings or facilities, resulting in an increase in investment by such |
| owners in the city. |
| (b) For purposes of this section, “qualifying property” means any building or structures |
| used or intended to be used essentially for offices or commercial enterprises or for residential |
| purposes. |
| (c) 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, |
| commercial, or residential purposes for which the exemption or stabilized amount of taxes was |
| made. |
| (d) Notwithstanding any vote and findings by the city council, the property shall be |
| assessed for and shall pay that portion of the tax, if any, assessed by the city, for the purpose of |
| paying the indebtedness of the city and the indebtedness of the state or any political subdivision of |
| the state to the extent assessed upon or apportioned to the city, and the interest on the indebtedness, |
| and for appropriation to any sinking fund of the city, 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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| LC001053 |
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