§ 44-3-29 Exemption and/or valuationfreeze of wholesaler's inventory. – (a) The city council or town council of any municipality may, by ordinance,wholly or partially exempt from taxation and/or freeze the valuation of stockin trade or inventory of wholesalers for a period of twenty-five (25) years.
(2) "Inventory" or "stock in trade" means and includes themerchandise kept on hand for sale in the normal and regular course of wholesalebusiness.
(3) "Wholesaler" means and includes a person, partnership,corporation, or other business entity engaged in the business of selling goodsfor subsequent resale by its customers. Except as provided in subsection (b) ofthis section, no distinction is drawn between:
(A) A wholesaler all or a portion of the sales of which aresales to one or more customers affiliated with the wholesaler, and
(B) A wholesaler the sales of which are exclusively sales tocustomers not affiliated with the wholesaler.
(ii) A wholesaler is considered affiliated with customers ifit controls, is controlled by, or is under common control with the customers.
(b) In the event that a wholesaler sold inventory or stock intrade both at wholesale and at retail in the preceding calendar year, the taxassessors of the municipality shall assess on the same basis as a retailer'sinventory or stock in trade as of December 31 of that year, to the extentpermitted by applicable law, notwithstanding any freeze of assessed valuationor exemption permitted under this section, that proportion of inventory orstock in trade of the wholesaler which is equal to the percentage of thewholesaler's total sales during the preceding calendar year that were atretail. For the purposes of this paragraph, "sales at retail" do not includesales to employees of the wholesaler or to employees of its affiliates. Ifretail sales are less than one percent (1%) of total sales during the year, itis deemed that no sales were made at retail during the year. All sales of awholesaler to a customer, which is an affiliated entity, are deemed to beretail sales for the purposes of this subsection if more than half of thedollar volume of the sales of the affiliated entity is made within themunicipality.
(c) The city council or the town council of any municipalitymay, by ordinance, 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 city council or the town councildeemed necessary.
(d) Nothing in this section is deemed to permit the exemptionor stabilization for any wholesaler or commercial concern relocating from onecity or town within the state of Rhode Island to another.
§ 44-3-29 Exemption and/or valuationfreeze of wholesaler's inventory. – (a) The city council or town council of any municipality may, by ordinance,wholly or partially exempt from taxation and/or freeze the valuation of stockin trade or inventory of wholesalers for a period of twenty-five (25) years.
(2) "Inventory" or "stock in trade" means and includes themerchandise kept on hand for sale in the normal and regular course of wholesalebusiness.
(3) "Wholesaler" means and includes a person, partnership,corporation, or other business entity engaged in the business of selling goodsfor subsequent resale by its customers. Except as provided in subsection (b) ofthis section, no distinction is drawn between:
(A) A wholesaler all or a portion of the sales of which aresales to one or more customers affiliated with the wholesaler, and
(B) A wholesaler the sales of which are exclusively sales tocustomers not affiliated with the wholesaler.
(ii) A wholesaler is considered affiliated with customers ifit controls, is controlled by, or is under common control with the customers.
(b) In the event that a wholesaler sold inventory or stock intrade both at wholesale and at retail in the preceding calendar year, the taxassessors of the municipality shall assess on the same basis as a retailer'sinventory or stock in trade as of December 31 of that year, to the extentpermitted by applicable law, notwithstanding any freeze of assessed valuationor exemption permitted under this section, that proportion of inventory orstock in trade of the wholesaler which is equal to the percentage of thewholesaler's total sales during the preceding calendar year that were atretail. For the purposes of this paragraph, "sales at retail" do not includesales to employees of the wholesaler or to employees of its affiliates. Ifretail sales are less than one percent (1%) of total sales during the year, itis deemed that no sales were made at retail during the year. All sales of awholesaler to a customer, which is an affiliated entity, are deemed to beretail sales for the purposes of this subsection if more than half of thedollar volume of the sales of the affiliated entity is made within themunicipality.
(c) The city council or the town council of any municipalitymay, by ordinance, 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 city council or the town councildeemed necessary.
(d) Nothing in this section is deemed to permit the exemptionor stabilization for any wholesaler or commercial concern relocating from onecity or town within the state of Rhode Island to another.
§ 44-3-29 Exemption and/or valuationfreeze of wholesaler's inventory. – (a) The city council or town council of any municipality may, by ordinance,wholly or partially exempt from taxation and/or freeze the valuation of stockin trade or inventory of wholesalers for a period of twenty-five (25) years.
(2) "Inventory" or "stock in trade" means and includes themerchandise kept on hand for sale in the normal and regular course of wholesalebusiness.
(3) "Wholesaler" means and includes a person, partnership,corporation, or other business entity engaged in the business of selling goodsfor subsequent resale by its customers. Except as provided in subsection (b) ofthis section, no distinction is drawn between:
(A) A wholesaler all or a portion of the sales of which aresales to one or more customers affiliated with the wholesaler, and
(B) A wholesaler the sales of which are exclusively sales tocustomers not affiliated with the wholesaler.
(ii) A wholesaler is considered affiliated with customers ifit controls, is controlled by, or is under common control with the customers.
(b) In the event that a wholesaler sold inventory or stock intrade both at wholesale and at retail in the preceding calendar year, the taxassessors of the municipality shall assess on the same basis as a retailer'sinventory or stock in trade as of December 31 of that year, to the extentpermitted by applicable law, notwithstanding any freeze of assessed valuationor exemption permitted under this section, that proportion of inventory orstock in trade of the wholesaler which is equal to the percentage of thewholesaler's total sales during the preceding calendar year that were atretail. For the purposes of this paragraph, "sales at retail" do not includesales to employees of the wholesaler or to employees of its affiliates. Ifretail sales are less than one percent (1%) of total sales during the year, itis deemed that no sales were made at retail during the year. All sales of awholesaler to a customer, which is an affiliated entity, are deemed to beretail sales for the purposes of this subsection if more than half of thedollar volume of the sales of the affiliated entity is made within themunicipality.
(c) The city council or the town council of any municipalitymay, by ordinance, 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 city council or the town councildeemed necessary.
(d) Nothing in this section is deemed to permit the exemptionor stabilization for any wholesaler or commercial concern relocating from onecity or town within the state of Rhode Island to another.
