Exempts from taxation the real and tangible personal property of AS220 located in the city of Providence.

Plain-English Summary

This bill would grant a property tax exemption to AS220, a nonprofit arts organization based in Providence, Rhode Island. Specifically, it would exempt AS220's real estate (land and buildings) and physical personal property (such as equipment and furnishings) from being taxed by the city of Providence. This means AS220 would no longer be required to pay property taxes on the properties it owns or occupies in Providence.

AS220 is a well-known arts and community organization in downtown Providence that provides studio space, performance venues, and resources to local artists. If this bill passes, the primary impact would be financial relief for the organization, allowing it to redirect money that would otherwise go toward property taxes into its programs and operations. The city of Providence would be the other party affected, as it would receive less property tax revenue as a result of the exemption.

Currently, this bill has been referred to the Senate Housing and Municipal Government Committee, which has recommended it be held for further study rather than moving it forward immediately. This means lawmakers want more time to review and consider the proposal before taking a vote. The bill has not yet become law.