Qualification for the exemption referred to in § 39.03 shall be based upon present or proposed use of the property. Permitted uses that qualify for this exemption are office, industrial and manufacturing, and other uses fitting the definition of a qualified facility in § 39.03(A)(1). In the event the property ceases to be used for a qualifying purpose, the tax exemption shall terminate immediately. In order to qualify for the exemption referred to in § 39.03, the employer must file an annual report no later than March 15 on forms provided by the Tax Assessor and file a timely annual account with the Tax Assessor pursuant to R.I. Gen. Laws § 44-5-15.
(Ord. passed 3-18-96; Am. Ord. passed 10-6-03)