Vermont § 3848 - Inventory tax; local option
Full text of Vermont Vermont Statutes Online § 3848 — Inventory tax; local option, with citation guidance and answers to common questions.
§ 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in effect until repealed or amended by a similar vote of the town.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.)
Frequently Asked Questions About Vermont § 3848
What does Vermont Statutes Online § 3848 cover?
Section 3848 ("Inventory tax; local option") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 3848?
A common citation format is "Vermont Statutes Online § 3848" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 3848 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.