TITLE 44

Taxation

CHAPTER 44-5

Levy and Assessment of Local Taxes

SECTION 44-5-61



   § 44-5-61  Coventry – Exemption or

stabilizing of taxes on qualifying property used for manufacturing or

commercial purposes in the town. –

(a) Except as provided, the town council of the town of Coventry may vote to

authorize, for a period not to exceed ten (10) years, and subject to the

conditions provided, to exempt from payment, in whole or in part, real and

personal property used for manufacturing or commercial purposes, or to

determine a stabilized amount of taxes to be paid on account of the property,

notwithstanding the valuation of the property or the rate of tax; provided,

that after public hearings, at least ten (10) days' notice of which is given in

a newspaper having a general circulation in the town, the town council

determines that:



   (1) Granting of the exemption or stabilization of taxes

inures to the benefit of the town by reason of:



   (i) The willingness of the manufacturing or commercial firm

or concern to locate in the town; or



   (ii) The willingness of a manufacturing or commercial firm or

concern to expend facilities with an increase in employment; or



   (2) Granting of the exemption or stabilization of taxes

inures to the benefit of the town by reason of the willingness of a

manufacturing or commercial firm or concern to replace, reconstruct, expand, or

remodel existing buildings, facilities, fixtures, machinery, or equipment with

modern buildings, facilities, fixtures, machinery, or equipment resulting in an

increase in plant or commercial building investment by the firm or concern in

the town.



   (b) For purposes of this section, "real property used for

commercial purposes" includes any building or structure used for offices or

commercial enterprises including, without limitation, any building or structure

used for wholesale, warehouse, distribution, and/or storage businesses, used

for service industries, or used for any other commercial business and the land

on which the building or structure is situated and not used for residential

purposes.



   (c) For purposes of this section, "personal property used for

commercial purposes" means any personal property owned by a firm or concern

occupying a building, structure, and/or land used for commercial purposes and

used by the firm or concern in its commercial enterprise including, without

limitation, furniture, fixtures, equipment, machinery, stock in trade, and

inventory.



   (d) Except as provided, property, the payment of taxes on

which has been so exempted or which is subject to the payment of a stabilized

amount of taxes, is not, during the period for which the exemption or

stabilization of the amount of taxes is granted, further liable to taxation by

the town in which the property is located so long as the property is used for

the manufacturing or commercial purposes for which the exemption or stabilized

amount of taxes was made.



   (e) Notwithstanding any vote and findings by the town

council, the property shall be assessed for and shall pay that portion of the

tax, if any, assessed by the town of Coventry for the purpose of paying the

indebtedness of the town and the indebtedness of the state or any political

subdivision of the state to the extent assessed upon or apportioned to the

town, and the interest thereon, and for appropriation to any sinking fund of

the town, which portion of the tax shall be paid in full, and the taxes so

assessed and collected shall be kept in a separate account and used only for

that purpose.



History of Section.

(P.L. 1996, ch. 10, § 1.)