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NO. 76. AN ACT RELATING TO EXEMPTION OF TANGIBLE PERSONAL PROPERTY INCORPORATED INTO THE CONSTRUCTION, MAINTENANCE, REPAIR, IMPROVEMENT, OR RECONSTRUCTION OF ALL RAILROAD LINES.

(H.497)

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1. 32 V.S.A. § 9741 is amended to read:

§ 9741. SALES NOT COVERED

Receipts from the following shall be exempt from the tax on retail sales imposed under section 9771 of this title and the use tax imposed under section 9773 of this title.

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(38) Tangible personal property to be incorporated in a rail line in connection with the construction, maintenance, repair, improvement, or reconstruction of the rail line.

Sec. 2. EFFECTIVE DATE

This act shall take effect from passage.

Approved: March 30, 1998