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2013 -- S 0186 AS AMENDED | |
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LC00386 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO TAXATION-LEVY AND ASSESSMENT OF LOCAL TAXES-CENTRAL | |
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FALLS | |
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Introduced By: Senator Elizabeth A. Crowley | |
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Date Introduced: February 06, 2013 | |
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Referred To: Senate Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 44-5-61.1 of the General Laws in Chapter 44-5 entitled "Levy and |
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Assessment of Local Taxes" is hereby amended to read as follows: |
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44-5-61.1. Central Falls -- Exemption or stabilizing of taxes on qualifying property |
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located in the city. -- Except as provided in this section, the city council of the city of Central |
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Falls may vote to authorize for a period not exceeding |
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conditions provided in this section, to exempt from payment, in whole or in part, real and |
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personal qualifying property, or to determine a stabilized amount, of taxes to be paid on account |
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of the qualifying property located within the city of Central Falls, notwithstanding the valuation |
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of the property or the rate of tax; provided, that after a public hearing, at least ten (10) days' |
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notice of which must be given in a newspaper having a general circulation in the city, the city |
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council determines that granting of the exemption or stabilization for qualifying property has |
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inured or will inure to the benefit of the city by reason of the willingness of the owners of |
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qualifying property to replace, reconstruct, expand or remodel existing buildings, facilities, |
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machinery, or equipment with modern buildings, facilities, fixtures, machinery, or equipment or |
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to construct new buildings or facilities or acquire new machinery or equipment for use in the |
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buildings or facilities or to reoccupy or reuse the buildings or facilities if they are vacant or |
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abandoned for manufacturing/warehousing or research and development, resulting in an increase |
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in investment by the owners in the city. For purposes of this section, "qualifying property" means |
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any building or structures used or intended to be used essentially for offices, manufacturing, or |
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commercial enterprises |
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provided in this section, property, the payment of taxes on which has been so exempted or which |
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is subject to the payment of a stabilized amount of taxes, shall not, during the period for which |
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the exemption or stabilization of the amount of taxes is granted, be further liable to taxation by |
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the city so long as that property is used or intended to be used for the manufacturing or |
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commercial purposes for which the exemption or stabilized amount of taxes was made. |
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SECTION 2. This act shall take effect upon passage. |
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LC00386 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO TAXATION-LEVY AND ASSESSMENT OF LOCAL TAXES-CENTRAL | |
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FALLS | |
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This act would authorize the city council of the city of Central Falls to increase the |
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amount of time for tax exemptions for certain improvements to qualifying real and personal |
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property from five (5) years to ten (10) years. |
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This act would take effect upon passage. |
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LC00386 | |
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