Rhode Island General Laws Title 44. Taxation § 44-3-40. Cities and towns--Authorization to exempt retailer's inventory

(a) Each city and town, by resolution or ordinance adopted by the city or town council, may wholly or partially exempt from taxation the valuation of the stock in trade or inventory of retailers.

(b) “ Retailer” means and includes a person, partnership, corporation, or other business entity engaged in the business of selling goods at retail.

(c) “ Inventory” or “ stock in trade” means and includes the merchandise kept on hand for sale in the normal course of business of a retailer.

(d) Nothing in this section is deemed to permit the exemption or stabilization for any retailer relocating from one city or town within the state to another.