South Kingstown and Narragansett — Exemption of railroad property

The electors of the towns of South Kingstown and Narragansett, or either of the towns, qualified to vote on a proposition to impose a tax, when legally assembled, may vote to exempt, or may authorize the town council of the town to exempt, from taxation the real and personal property located within the town of any railroad corporation, the motive power of which is steam, gas, or electricity, and whose right of way and tracks lie wholly within the boundaries of this state until and unless in the fiscal year preceding the date for assessment of taxes in the town, the net receipts of the railroad applicable to dividends or other form of distribution of corporate earnings shall in the year amount to a sum that is not less than two percent (2%) of the aggregate valuation of the property of the railroad as determined by the Interstate Commerce Commission or other federal board of appraisement, or in the absence of the determination, of the total capital stock paid in and earned surplus of the railroad. Property so exempted under this section shall not during the period of exemption be liable to taxation, except and unless upon the conditions stated in this section.