2021 -- S 0831

========

LC002667

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2021

____________

A N   A C T

RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

     Introduced By: Senator Jessica de la Cruz

     Date Introduced: April 23, 2021

     Referred To: Senate Housing & Municipal Government

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 44-5-55.2 of the General Laws in Chapter 44-5 entitled "Levy and

Assessment of Local Taxes" is hereby repealed.

     44-5-55.2. Burrillville -- Tax levy and stabilization. [As added by P.L. 2020, ch. 50, §

2.]

     The town of Burrillville is authorized to establish by ordinance a process to stabilize tax

assessments and provide tax credits for physical improvements made to certain properties located

in areas of town that have been designated substandard by the town's comprehensive plan or as may

be separately designated by the town council. Specifically, the ordinance shall provide that physical

improvements made to any commercial, industrial, mixed-use buildings, and apartment houses with

six (6) or more legal units located in areas that have been designated substandard may be eligible

for either a tax stabilization or a tax credit against their real estate tax levy as set forth in the town's

ordinance. The stabilization granted or tax credit based upon these improvements shall be in place

for a period not to exceed ten (10) years from the date on which the work on the improvements

shall have been completed. All improvements made to the property will be assessed accordingly as

of December 31 of each year pursuant to § 44-5-1. The ordinance shall also include a process for

an applicant to apply and qualify for the tax stabilization or tax credits.

     SECTION 2. This act shall take effect upon passage.

========

LC002667

========

LC002667 - Page 2 of 3

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

***

     This act would eliminate a duplication in the general laws by repealing one section of law

that provided a tax levy and stabilization plan in the town of Burrillville.

     This act would take effect upon passage.

========

LC002667

========

LC002667 - Page 3 of 3