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

Summary

The bill amends Rhode Island’s tax code to cap municipal taxes on qualifying low‑income housing at 8 % of a property’s prior‑year scheduled rent, with a graduated schedule for converted non‑residential buildings. It applies to properties built or rehabilitated after 1995 that carry rent‑restriction covenants, and it imposes contractor and labor standards for conversion projects. The aim is to encourage affordable housing development while protecting workers.

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