§ 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].
History of Section.P.L. 2008, ch. 206, § 1; P.L. 2008, ch. 219, § 1; P.L. 2018, ch. 156, § 3; P.L. 2018, ch. 292, § 3.
Structure Rhode Island General Laws
Chapter 45-33.2 - Municipal Tax Increment Financing Act
Section 45-33.2-1. - Short title.
Section 45-33.2-2. - Legislative findings.
Section 45-33.2-3. - Definitions.
Section 45-33.2-3.1. - Additional definitions.
Section 45-33.2-4. - Adoption of project plan.
Section 45-33.2-5. - Authorization to undertake projects — Powers.
Section 45-33.2-6. - Issuance of special obligation bonds.
Section 45-33.2-7. - Security for bonds — Trust agreements.
Section 45-33.2-8. - Pledge of project revenues validated.
Section 45-33.2-9. - Temporary anticipation notes.
Section 45-33.2-10. - Refunding bonds.
Section 45-33.2-11. - Credit of municipality not pledged.
Section 45-33.2-12. - Investment of funds.
Section 45-33.2-13. - Trust funds.
Section 45-33.2-14. - Remedies of bondholders and noteholders.
Section 45-33.2-15. - Bonds and notes as legal instruments.
Section 45-33.2-16. - Bonds and notes as investment securities.
Section 45-33.2-17. - Exemption from taxation.
Section 45-33.2-18. - Annual report.
Section 45-33.2-19. - Provisions supplementary.
Section 45-33.2-20. - Severability.
Section 45-33.2-21. - Tax limitations.
Section 45-33.2-22. - Alternate tax increment provisions.
Section 45-33.2-24. - Reserved.
Section 45-33.2-25. - Planning commission advisory opinion — Conditions for tax increment district.
Section 45-33.2-26. - Adoption of tax increment district master plan.
Section 45-33.2-27. - Designation of tax increment revenues.