(a)  The Tax Stabilization Incentive Program is hereby created to provide incentives to Rhode Island municipalities to enter into qualifying property tax stabilization agreements in connection with qualifying projects set forth herein.

Terms Used In Rhode Island General Laws 42-64.22-3

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Personal property: All property that is not real property.
  • Project: means qualified development project as defined under subsection (20). See Rhode Island General Laws 42-64.22-2
  • Qualifying property: means any building or structure used or intended to be used essentially for offices or commercial enterprises or residential purposes. See Rhode Island General Laws 42-64.22-2
  • real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10

(b)  Under the program, qualified and Hope Communities in the state of Rhode Island that grant qualifying tax stabilization agreements, subject to the provisions of § 44-3-9, in connection with a qualifying project, may apply to the commerce corporation for certification for partial reimbursement of the amount of real estate taxes and/or personal property taxes that would have otherwise been paid had the qualified and/or hope communities not granted said tax stabilization agreement.

History of Section.
P.L. 2015, ch. 141, art. 19, § 5.