The Vermont Statutes Online
The Statutes below include the actions of the 2025 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.
Subchapter
002
:
RESTRICTED EXEMPTIONS
(Cite as: 32 V.S.A. § 3848)
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§ 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in effect until repealed or amended by a similar vote of the town.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.)