(a) For taxable years beginning on or after July 1, 2026, a tax is imposed upon the privilege of utilizing property as non-owner occupied residential property within the state during any taxable year. The non-owner occupied tax shall be in addition to any other taxes authorized by the general or public laws.
(b) With respect to the tax imposed by this chapter, the tax administrator shall contribute the entire tax to the low-income housing tax credit fund established pursuant to § 44-71-11.