(a)  The town council for the town of Burrillville may, by ordinance, wholly or partially exempt from taxation and/or freeze the valuation of the stock in trade or inventory of retailers for a period of up to twenty-five (25) years.

Terms Used In Rhode Island General Laws 44-3-37

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
  • town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9

(b)  “Retailer” means and includes a person, partnership, corporation, or other business entity engaged in the business of selling goods at retail.

(c)  “Inventory” or “stock in trade” means and includes the merchandise kept on hand for sale in the normal course of business of a retailer.

(d)  The town council of the town of Burrillville may, by ordinance, establish the application and/or verification procedures for taxpayers to avail themselves of the benefit of any exemption or valuation freeze permitted under this section as the town council may deem necessary.

History of Section.
P.L. 1993, ch. 343, § 1.