Connecticut General Statutes 12-816 – Tax exemption
The exercise of the powers granted by sections 1-120, 1-121, 1-125, 12-563, 12-563a, 12-564, 12-566, 12-568a and 12-569, subsection (c) of section 12-574, sections 12-800 to 12-818, inclusive, 12-853, 12-854, 12-863 to 12-865, inclusive, and 12-867 and 12-868 constitute the performance of an essential governmental function and all operations of the corporation shall be free from any form of federal or state taxation. In addition, except pursuant to any federal requirements, the corporation shall not be required to pay any taxes or assessments upon or in respect to sales of lottery tickets, or any property or moneys of the corporation, levied by the state or any political subdivision or municipal taxing authority. The corporation and its assets, property and revenues shall at all times be free from taxation of every kind by the state and by the municipalities and all other political subdivisions or special districts having taxing powers in the state.
Terms Used In Connecticut General Statutes 12-816
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.