§ 44-3-37 - Burrillville – Exemption and/or valuation freeze of retailer's inventory.
SECTION 44-3-37
§ 44-3-37 Burrillville – Exemptionand/or valuation freeze of retailer's inventory. – (a) The town council for the town of Burrillville may, by ordinance, wholly orpartially exempt from taxation and/or freeze the valuation of the stock intrade or inventory of retailers for a period of up to twenty-five (25) years.
(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) The town council of the town of Burrillville may, byordinance, establish the application and/or verification procedures fortaxpayers to avail themselves of the benefit of any exemption or valuationfreeze permitted under this section as the town council may deem necessary.