32:13A-8 - Exemption from taxation
32:13A-8.Ā Exemption from taxation
As the construction of the tunnel is and will be in all respects for the benefit of the people of the state of New Jersey, for the increase of their commerce and prosperity and for the improvement of their health and living conditions, and as the construction and operation of the tunnel will constituteĀ the performance of essential governmental functions, the commission or theĀ county shall not be required to pay any taxes or assessments upon propertyĀ acquired or used for such purposes, and the tunnel revenue bonds issued underĀ the provisions of this chapter, their transfer and the income therefromĀ (including any profits made on the sale thereof) shall at all times be freeĀ from taxation within the state of New Jersey.
Ā
As the construction of the tunnel is and will be in all respects for the benefit of the people of the state of New Jersey, for the increase of their commerce and prosperity and for the improvement of their health and living conditions, and as the construction and operation of the tunnel will constituteĀ the performance of essential governmental functions, the commission or theĀ county shall not be required to pay any taxes or assessments upon propertyĀ acquired or used for such purposes, and the tunnel revenue bonds issued underĀ the provisions of this chapter, their transfer and the income therefromĀ (including any profits made on the sale thereof) shall at all times be freeĀ from taxation within the state of New Jersey.
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