The Vermont Statutes Online
The Statutes below include the actions of the 2024 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 32 : Taxation and Finance
Chapter 125 : Exemptions
Subchapter 002 : RESTRICTED EXEMPTIONS
(Cite as: 32 V.S.A. § 3848)-
§ 3848. Inventory tax; local option
(a) At an annual or special meeting warned for the purpose, a municipality may, by a majority vote of those present and voting, elect not to tax inventory of manufacturers and merchants and of other trades and businesses, including professional practices, except as otherwise provided by law. An election by a town not to tax inventory shall remain in effect until repealed or amended by a similar vote of the town.
(b) As used in this section, “inventory” means tangible personal property of a nondepreciable nature held for consumption, sale, resale, leasing, or to be furnished under contracts of service, in a trade or business, and includes raw materials, work in process, semi-finished or finished goods of manufacturers and processors, and the stock-in-trade of wholesalers and retailers.
(c) A repeal of the tax on inventory may be effective for 100 percent of inventory in the tax year following the vote, or the town may vote to exempt a stated percentage of inventory each year for a number of years not to exceed ten, until 100 percent of inventory is exempt. (Added 1991, No. 203 (Adj. Sess.), § 2, eff. May 27, 1992.)
