§ 45-33.2-21 — § 45-33.2-21. Tax limitations.

Rhode Island § 45-33.2-21

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-33.2: Municipal Tax Increment Financing Act

Text

§ 45-33.2-21. Tax limitations.

(a) Except as provided below, a tax increment shall be included in the calculation of the maximum tax a city or town may levy pursuant to the provisions of § 44-5-2.

(b) To the extent that inclusion of a tax increment in a tax levy causes a municipality to exceed the maximum tax a city or town may levy pursuant to the provisions of § 44-5-2, such excess shall be excluded from such calculation for a period not to exceed twenty-five (25) years if such excess tax increment is allocable to: (i) the payment of the principal of or interest on any special obligation bonds issued under the provisions of § 45-33.2-6, to fund a capital project under this chapter; (ii) any requirement to fund any reserve or other account or satisfy any other financial requirement which must be satisfied in connection with the issuance of such bonds or any other indebtedness or obligation incurred in connection with any such capital project or portion of one; or (iii) any payments made to directly fund any capital project.

(c) The tax assessor in each city and town shall include calculations reflecting any tax increment excluded from the tax cap provisions of § 44-5-2 when submitting the municipality's adopted tax levy and rate to the division of property valuation in accordance with § 44-5-2.

(d) [Deleted by P.L. 2018, ch. 156, § 3 and P.L. 2018, ch. 292, § 3].

Legislative History

P.L. 2008, ch. 206, § 1; P.L. 2008, ch. 219, § 1; P.L. 2018, ch. 156, § 3; P.L. 2018, ch. 292, § 3.