2024 -- H 8109 | |
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LC005783 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2024 | |
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A N A C T | |
RELATING TO TAXATION -- STATEWIDE TANGIBLE PROPERTY TAX EXEMPTION | |
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Introduced By: Representatives Slater, DeSimone, Perez, Batista, and Diaz | |
Date Introduced: March 27, 2024 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-5.3-2 of the General Laws in Chapter 44-5.3 entitled "Statewide |
2 | Tangible Property Tax Exemption" is hereby amended to read as follows: |
3 | 44-5.3-2. Reimbursement of lost tax revenue. |
4 | (a) Beginning in fiscal year 2025 and for each fiscal year thereafter, cities, towns, and fire |
5 | districts shall receive reimbursements, as set forth in this section, from state general revenues for |
6 | lost tax revenues due to the reduction of the tangible property tax resulting from the statewide |
7 | exemption set forth in § 44-5.3-1. |
8 | (b) Beginning in fiscal year 2025, and for each fiscal year thereafter, cities, towns, and fire |
9 | districts shall receive a reimbursement equal to the tangible property levy for the assessment date |
10 | of December 31, 2022, minus the tangible personal property levy for the assessment date of |
11 | December 31, 2023. |
12 | (c) Reimbursements shall be distributed in full to cities, towns, and fire districts on |
13 | September 30, 2024, and every September 30 thereafter; provided, however, that reimbursement |
14 | shall not be provided to any city, town, or fire district in any year in which it has failed to provide |
15 | to the division of municipal finance its certified tax roll in accordance with § 44-5-22 or any other |
16 | information required by the division of municipal finance to calculate the reimbursement amount. |
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1 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION -- STATEWIDE TANGIBLE PROPERTY TAX EXEMPTION | |
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1 | This act would repeal the language that effective in the 2025 fiscal year all cities, towns |
2 | and fire districts would receive a reimbursement equal to the tangible property levy for the |
3 | December 31, 2022 assessment date less the tangible personal property levy for December 31, 2025 |
4 | assessment date. |
5 | This act would take effect upon passage. |
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