R.I. Gen. Laws § 44-5.3-2 — Reimbursement of lost tax revenue

(a) Beginning in fiscal year 2025 and for each fiscal year thereafter, cities, towns,
and fire districts shall receive reimbursements, as set forth in this section, from
state general revenues for lost tax revenues due to the reduction of the tangible
property tax resulting from the statewide exemption set forth in § 44-5.3-1.
(b) Beginning in fiscal year 2025, and for each fiscal year thereafter, cities, towns,
and fire districts shall receive a reimbursement equal to the tangible property tax
revenues lost for the assessment date of December 31, 2023, due to application of
the statewide exemption amount set forth in § 44-5.3-1, which shall be calculated by dividing the tangible personal property assessment
for the assessment date of December 31, 2023, lost due to the statewide exemption
amount set forth in § 44-5.3-1 by one thousand (1,000) multiplied by the tangible personal property tax rate for
the assessment date of December 31, 2023. If such lost assessment is unknown, cities,
towns, and fire districts shall utilize internal policies and procedures in place
as of December 31, 2022, to estimate the lost assessment.
(c) Reimbursements shall be distributed in full to cities, towns, and fire districts on
September 30, 2024, and every September 30 thereafter; provided, however, that reimbursement
shall not be provided to any city, town, or fire district in any year in which it
has failed to provide to the division of municipal finance its certified tax roll
in accordance with § 44-5-22 or any other information required by the division of municipal finance to calculate
the reimbursement amount.
The division of municipal finance may rely solely upon such information provided to
it in any year when calculating the reimbursement amount but may, although shall not
be required to, also audit such information.