It is enacted by the General Assembly as follows:
SECTION 1. The town of Middletown may, by ordinance, exempt all personal property, or any portion thereof, of the Rhode Island Arts Foundation Newport, Inc., incorporated on December 28, 1966 as a non-business corporation, from local taxes so long as said property shall be used for the purposes for which said corporation was incorporated.
SECTION 2. This act shall take effect upon passage.