Provides an eight percent (8%) tax rate for those properties that are encumbered by a deed restriction for low-income housing set at eight percent (80%) or sixty percent (60%) of adjusted median income established by HUD.
HB 8006 establishes a special 8% property tax rate for qualifying affordable housing in Rhode Island, instead of standard local tax rates. To qualify, properties must have legal agreements restricting rents to 30% of tenant income for households at or below 80% of area median income (for 40% of units) or 60% AMI (for 30% of units). Conversions of existing non-residential buildings to housing qualify until 2037, with tax rates gradually increasing from 8% to 12% over 30 years. This directly affects property owners of qualifying affordable housing and local governments setting tax policies.
Authorizes the town of Middletown to adopt by ordinance, a veterans’ property tax exemption to any veteran, who was honorably discharged, or discharged under conditions other than dishonorable, regardless of dates or periods of service.
Authorizes the town of Middletown to adopt by ordinance, a veterans’ property tax exemption to any veteran, who was honorably discharged, or discharged under conditions other than dishonorable, regardless of dates or periods of service.
HB 7505 ends Rhode Island's Jobs Development Act tax incentive program by July 1, 2026. It stops all new rate reductions for companies after June 30, 2026, and requires existing beneficiaries who qualified before July 1, 2015, to maintain their current tax rate until the program's end date. The bill does not affect companies that already secured benefits before the 2015 cutoff date, but no new companies can qualify for the tax rate reductions after 2026. This is a straightforward sunset provision for the state's job creation tax incentive program.
HB 8195 creates a tax credit for Rhode Island taxpayers who invest in certain local businesses. It directly affects individual and business taxpayers who make qualifying investments in designated Rhode Island companies. The bill provides a credit equal to a percentage of the investment amount, reducing the taxpayer's state tax liability. The credit applies only to investments meeting specific criteria set by the law, such as supporting businesses in targeted economic zones. The bill is currently pending in the House Finance Committee after its introduction on February 27, 2026.
HB 7695 creates tax exemptions for property, tangible personal property, sales, and use taxes to incentivize the establishment of qualified data centers in Rhode Island. It directly affects developers and operators of data centers that meet specific criteria defined in the bill. The key mechanism is granting these tax exemptions for eligible costs related to constructing or operating qualifying facilities, including equipment and infrastructure. This policy change reduces financial barriers for data center projects by lowering their operational tax burden.
SB 2624 discontinues Rhode Island's Jobs Development Act tax rate reductions by July 1, 2026. It ensures companies that qualified for rate reductions under the program before July 1, 2015, can maintain their existing rates through June 30, 2026, but no new rate reductions or credits will be authorized after June 30, 2026. The bill directly affects businesses participating in the state's qualified jobs tax incentive program. It ends future eligibility for the tax rate reductions while preserving existing benefits for qualifying companies. The law takes effect upon passage.
SB 2453 allows cities and towns to create programs waiving interest on overdue property taxes for commercial properties. To qualify, taxpayers must own the commercial property for five years, provide written proof of timely tax payments for five years, and request the waiver within two years of the overdue bill. The waiver is capped at $500 per request, and local tax collectors must issue written decisions with appeal options to city councils. This bill enables local governments to adopt ordinances implementing this relief, directly affecting commercial property owners who fall behind on quarterly tax payments.
This bill establishes a property tax deferral program for Rhode Island senior citizens (62+), disabled residents (as determined by the Social Security Administration), and disabled veterans (as determined by the Veterans Administration). Eligible homeowners can delay paying property taxes on their primary residence (including manufactured homes) until the property is sold, transferred, or upon the death of all owners, with 6% annual interest added to the deferred amount. The program excludes properties with reverse mortgages or less than 20% equity, and the state will fund it with $2 million annually starting in fiscal year 2027. Local tax collectors must report deferral claims by January 31 each year, and deferred taxes become a lien on the property.
