In an endeavor to generate business growth, new Rhode Island tax exemptions are being offered. The town of Charlestown, RI plans to offer an exemption of tangible business personal property starting in 2017, pending Town Council approval. The exemption shall be a set amount to be deducted from the taxable value as rendered on the Declaration. Currently, the exemption amount has not been set. (L.2016, S2435 (c. 299), effective 07/02/2016)
The town of Narragansett, RI has also made an effort to promote a more business friendly atmosphere and now has the ability to provide local owners of small businesses an exemption towards their tangible business personal property value, not to exceed $35,000. Once approved by the Town Council, the exemption will be applied to the total taxable value as reported by the annual Declaration and will be reflected on the tax bill. If your taxable value is $35,000 or less, no tax bill will be issued. (L. 206, H7080 (c. 327), effective 07/01/2016)
Check back in December when more information will be provided as to whether or not the exemptions have been sanctioned and more detail as to how they will be applied.
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