AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

HB 5368 is an act that modifies the state law governing the maximum amount of local taxes cities and towns can levy. This bill specifically allows the City of Providence to exceed the standard tax levy cap for its fiscal year 2026. Normally, municipalities are limited to a certain percentage increase in their total tax levy each year, but this legislation would create a temporary exemption for Providence. This directly affects the City of Providence's ability to raise tax revenue and its taxpayers for that fiscal year.