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§44-3-9.3  Burrillville – Exemption or stabilizing of taxes on qualifying property used for manufacturing or commercial purposes. –


Published: 2015

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TITLE 44

Taxation

CHAPTER 44-3

Property Subject to Taxation

SECTION 44-3-9.3



   § 44-3-9.3  Burrillville – Exemption

or stabilizing of taxes on qualifying property used for manufacturing or

commercial purposes. –

(a) Except as provided in this section, the town council of the town of

Burrillville may vote to authorize, for a period not to exceed ten (10) years,

and subject to the conditions as provided in this section, 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 such 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 shall be 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 will

inure 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 expand facilities with an increase in employment; or



   (2) Granting of the exemption or stabilization of taxes will

inure 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 any such 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 such firm or concern in its commercial enterprise including, without

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

inventory.



   (d) Except as provided in this section, property, the payment

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

stabilized amount of taxes, shall not, during the period for which the

exemption or stabilization of the amount of taxes is granted, be 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 Burrillville 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 on the indebtedness, 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. 1993, ch. 429, § 1.)