§ 16-62-12 - Exemption from taxation. - Rhode-island Statutes

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Statutes > Rhode-island > Title-16 > Chapter-16-62 > 16-62-12

SECTION 16-62-12

§ 16-62-12 Exemption from taxation. –(a) The exercise of the powers granted by this chapter will be in all respectsfor the benefit of the people of this state, the increase of their commerce,welfare, and prosperity, and for the improvement of their living conditions,and will constitute the performance of an essential government function; andthe authority shall not be required to pay any taxes or assessments upon or inrespect of any transaction or of any property or money of the authority leviedby any municipality or political subdivision of the state.

(b) The authority shall not be required to pay state taxes ofany kind, and the authority, its property, and money, and, except for estate,inheritance, and gift taxes, any bonds or notes issued under the provisions ofthis chapter and the income, including gain from sale or exchange from it shallat all times be free from taxation of every kind by the state and by themunicipalities and all political subdivisions of the state. The authority shallnot be required to pay any transfer tax of any kind on account of instrumentsrecorded by it or on its behalf.

State Codes and Statutes

Statutes > Rhode-island > Title-16 > Chapter-16-62 > 16-62-12

SECTION 16-62-12

§ 16-62-12 Exemption from taxation. –(a) The exercise of the powers granted by this chapter will be in all respectsfor the benefit of the people of this state, the increase of their commerce,welfare, and prosperity, and for the improvement of their living conditions,and will constitute the performance of an essential government function; andthe authority shall not be required to pay any taxes or assessments upon or inrespect of any transaction or of any property or money of the authority leviedby any municipality or political subdivision of the state.

(b) The authority shall not be required to pay state taxes ofany kind, and the authority, its property, and money, and, except for estate,inheritance, and gift taxes, any bonds or notes issued under the provisions ofthis chapter and the income, including gain from sale or exchange from it shallat all times be free from taxation of every kind by the state and by themunicipalities and all political subdivisions of the state. The authority shallnot be required to pay any transfer tax of any kind on account of instrumentsrecorded by it or on its behalf.

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State Codes and Statutes

Statutes > Rhode-island > Title-16 > Chapter-16-62 > 16-62-12

SECTION 16-62-12

§ 16-62-12 Exemption from taxation. –(a) The exercise of the powers granted by this chapter will be in all respectsfor the benefit of the people of this state, the increase of their commerce,welfare, and prosperity, and for the improvement of their living conditions,and will constitute the performance of an essential government function; andthe authority shall not be required to pay any taxes or assessments upon or inrespect of any transaction or of any property or money of the authority leviedby any municipality or political subdivision of the state.

(b) The authority shall not be required to pay state taxes ofany kind, and the authority, its property, and money, and, except for estate,inheritance, and gift taxes, any bonds or notes issued under the provisions ofthis chapter and the income, including gain from sale or exchange from it shallat all times be free from taxation of every kind by the state and by themunicipalities and all political subdivisions of the state. The authority shallnot be required to pay any transfer tax of any kind on account of instrumentsrecorded by it or on its behalf.