Rhode Island General Laws 42-133-10. Exemption from taxation
The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the state, and the corporation, and any trust established by the corporation, shall not be required to pay taxes of the state or any political subdivision of the state of any kind, including any tax or assessment on any property owned by the corporation, or any trust established by the corporation, under the provisions of this chapter or upon the income from any property. Any bonds issued by the corporation under the provisions of this chapter, their transfer, and the income from them (including any profits made on their sale), shall at all times be free from taxation by the state or any political subdivision or other instrumentality of the state, excepting inheritance, estate, and gift taxes.
History of Section.
P.L. 2002, ch. 65, art. 8, § 1.
Terms Used In Rhode Island General Laws 42-133-10
- Bonds: means bonds, notes (but only as provided in § 42-133-8(6)(e)), or other evidences of indebtedness of the corporation, all of which shall be in all events payable solely from and secured solely by such portion of the state's tobacco receipts as are sold to the corporation and pledged to secure the bonds, and issued pursuant to the authorizations contained in this chapter, all of which shall be issued under the name of or known as obligations of the corporation. See Rhode Island General Laws 42-133-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the corporation authorized, created, and established pursuant to this chapter. See Rhode Island General Laws 42-133-3
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- State: means the state of Rhode Island. See Rhode Island General Laws 42-133-3