Rhode Island General Laws 42-55-24. Tax exemption
The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state, for their wellbeing and prosperity and for the improvement of their social and economic conditions, and the corporation, or any subsidiary thereof created or authorized pursuant to § 42-55-5.1, shall not be required to pay any tax or assessment on any property owned by the corporation or by any subsidiary thereof under the provisions of this chapter or upon the income from the property; nor shall the corporation or any subsidiary thereof be required to pay any recording fee or transfer tax of any kind on account of instruments recorded by it or on its behalf. Any bonds, notes, or other obligations issued by the corporation or any subsidiary thereof 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. 1973, ch. 262, § 1; P.L. 2023, ch. 79, art. 6, § 2, effective June 16, 2023.
Terms Used In Rhode Island General Laws 42-55-24
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.