Bill > S1142

This bill allows the town council of Coventry to provide tax exemptions or tax stabilization for certain types of real and personal property for up to 20 years. The exemptions would apply to properties that have undergone environmental remediation, are historically preserved, or are used for affordable housing, manufacturing, commercial, residential, or mixed-use purposes. The town council must first hold public hearings and determine that granting such exemptions would benefit the town, such as by attracting new businesses, encouraging expansion of existing businesses, improving the physical infrastructure, or making previously undevelopable land usable. The bill defines "real property" and "personal property" for these purposes and specifies that while the property may be exempt from most taxes, it must still pay taxes related to municipal and state indebtedness. Additionally, the bill includes renewable energy resources as potentially qualifying for tax stabilization agreements. The goal is to incentivize economic development, property improvement, and environmental remediation in the town of Coventry by offering tax relief to property owners who meet certain criteria.

Housing and Urban Affairs

https://status.rilegislature.gov/