Rhode Island H7461 exempts municipal detention facility corporations from taxation and requires annual payments to municipalities.

Rhode Island H7461 amends state law to include municipal detention facility corporations as exempt from taxation. The bill mandates that the general assembly annually appropriate an amount equal to 27% of the tax that would have been collected if the property was taxable. This appropriation is to be paid to the municipality where the property is located. The act takes effect upon passage.

Rhode Island H7461 exempts municipal detention facility corporations from taxation and requires annual payments to municipalities.

Rhode Island H7461 amends state law to include municipal detention facility corporations as exempt from taxation. The bill mandates that the general assembly annually appropriate an amount equal to 27% of the tax that would have been collected if the property was taxable. This appropriation is to be paid to the municipality where the property is located. The act takes effect upon passage.