§ 44-3-40 - Cities and towns – Authorization to exempt retailer's inventory. - Rhode Island Statutes

SECTION 44-3-40

   § 44-3-40  Cities and towns –Authorization to exempt retailer's inventory. – (a) Each city and town, by resolution or ordinance adopted by the city or towncouncil, may wholly or partially exempt from taxation the valuation of thestock in trade or inventory of retailers.

   (b) "Retailer" means and includes a person, partnership,corporation, or other business entity engaged in the business of selling goodsat retail.

   (c) "Inventory" or "stock in trade" means and includes themerchandise kept on hand for sale in the normal course of business of aretailer.

   (d) Nothing in this section is deemed to permit the exemptionor stabilization for any retailer relocating from one city or town within thestate to another.