§ 44-5-25 - Vessels engaged in foreign commerce – Taxation.
SECTION 44-5-25
§ 44-5-25 Vessels engaged in foreigncommerce – Taxation. – The registered owners of every ship or vessel engaged in foreign commerceshall, on or before February 1 in each year, make a statement, in writing, tothe town treasurer of the town where the ship or vessel is registered, of thenet profits earned by the ship or vessel for the year ending on December 31next preceding, and shall submit to the examination on oath by the treasurer ashe or she deems necessary for the verification of the truth of the statement.Interest on the vessels and extraordinary repairs shall not be deducted fromthe earnings in making up the statement; and the owners shall pay to the towntreasurer for the use of the town a tax of one percent (1%) on the netearnings; and in case the owners make the return and pay the tax provided inthis section, they are subject to no other taxation on the property. Vesselsare deemed to be engaged in foreign commerce in case three-fourths ( 3/4) oftheir earnings in any year have been received in foreign trade.