BRISTOL, RI– On December 30th, 2020, the Bristol Town Council voted unanimously to approve a new tangible tax exemption, which reduces the administrative and financial burden of reporting on local small businesses.
Businesses that operate in Bristol and whose total tangible property is assessed at ten thousand ($10,000) or less can now request to be exempt from completing the full annual return and paying the applicable tax.
Of the 720 businesses that operate in Bristol, approximately 400 would be eligible for this new exemption based on last year’s tangible property assessments.
“This exemption is another step in the right direction to help our businesses and make Bristol a very well-balanced place to live and work,” said Bristol Town Administrator Steven Contente.
In 2018, Bristol began its tax reform efforts by creating a new electronic return that simplified reporting and auto-calculated assets’ depreciation.
In 2019, the Town of Bristol voted to put the $10,000 tangible tax exemption plan before the State Legislature for final approval.
Spearheaded by Bristol’s Economic Development Coordinator Chris Vitale and Tax Assessor Michelle DiMeo, the Town worked with State leaders to get the enabling legislation (RIGL 44-3-3.66) approved earlier this year.
Eligible businesses can now request the new tangible tax exemption on the Annual Return.
The Annual Return form is available for download on the Town of Bristol website at www.bristolri.gov/tangibles. Returns are due to the Bristol Tax Assessor’s Office (10 Court Street, Bristol, RI 02809) by 12 o’clock midnight EST, January 31st, 2021.
For more information on Bristol’s new tangible tax exemption, please contact Economic Development Coordinator Chris Vitale at [email protected] or Tax Assessor Michelle DiMeo at [email protected].