(a)  Each city and town, by resolution or ordinance adopted by the city or town council, may wholly or partially exempt from taxation the valuation of the stock in trade or inventory of retailers.

Terms Used In Rhode Island General Laws 44-3-40

  • 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)  Nothing in this section is deemed to permit the exemption or stabilization for any retailer relocating from one city or town within the state to another.

History of Section.
P.L. 1995, ch. 224, § 1.