| Chapter 447 |
| 2024 -- S 2350 Enacted 06/29/2024 |
| A N A C T |
| RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION |
Introduced By: Senator David P. Tikoian |
| Date Introduced: February 12, 2024 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 44-3-9.11 of the General Laws in Chapter 44-3 entitled "Property |
| Subject to Taxation" is hereby amended to read as follows: |
| 44-3-9.11. Smithfield — Exemption or stabilizing of taxes on qualifying property used |
| for manufacturing or commercial purposes. Smithfield — Exemption or stabilizing of taxes |
| on qualifying property used for manufacturing, industrial, 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) twenty (20) 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, industrial, 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, industrial, or commercial firm or concern to |
| locate in the town; or |
| (ii) The willingness of a manufacturing, industrial, 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, industrial, 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 manufacturing, industrial, or commercial building investment by the firm or |
| concern in the town. |
| (b) For purposes of this section, “real property used for manufacturing, industrial, or |
| commercial purposes” includes any building or structure used for offices, manufacturing, |
| industrial, 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 manufacturing, industrial, or 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 manufacturing, industrial, or |
| commercial purposes” means any personal property owned by a firm or concern in its |
| manufacturing, industrial, or 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 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, industrial, 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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| LC005011 |
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