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June 26, 2007

Governor vetoes time-share taxation legislation

PROVIDENCE -- Governor Carcieri has vetoed a bill that calls for a different way of taxing time-share developments, calling it "a tax hike in disguise."

The legislation would allow taxation of time-shares based on the resale value of interval weeks, along with "any other identifiable and commonly accepted methods of appraisal," according to the bill's description.

Carcieri vetoed similar legislation twice before.

"Time-share developments are now taxed like all other real estate properties. This bill would allow assessors to create special and so-far undisclosed new schemes to tax these properties ..." Carcieri's veto message from his office says.

Carcieri also expressed concern that "additional legal challenges would occur." Time-share developments, his message said, have "certain intangible aspects," such as services that allow exchange of weeks in other time-share developments.

Since cities and towns tax tangible property, "but are not constitutionally authorized to tax intangible property," turning the bill into law would "likely" mean more litigation, the veto message said.

For a look at other bills the governor has vetoed this year, click here.

Posted by Mike McKinney  at 6:37 PM | Permalink

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