Levy and Assessment of Local Taxes
§ 44-5-25 Vessels engaged in foreign
The registered owners of every ship or vessel engaged in foreign commerce
shall, on or before February 1 in each year, make a statement, in writing, to
the town treasurer of the town where the ship or vessel is registered, of the
net profits earned by the ship or vessel for the year ending on December 31
next preceding, and shall submit to the examination on oath by the treasurer as
he or she deems necessary for the verification of the truth of the statement.
Interest on the vessels and extraordinary repairs shall not be deducted from
the earnings in making up the statement; and the owners shall pay to the town
treasurer for the use of the town a tax of one percent (1%) on the net
earnings; and in case the owners make the return and pay the tax provided in
this section, they are subject to no other taxation on the property. Vessels
are deemed to be engaged in foreign commerce in case three-fourths ( 3/4) of
their earnings in any year have been received in foreign trade.
History of Section.
(G.L. 1896, ch. 46, § 13; G.L. 1909, ch. 58, § 13; G.L. 1923, ch. 60,
§ 13; G.L. 1938, ch. 44, § 1; G.L. 1956, § 44-5-25.)