Rhode Island General Laws 44-13-12. Intangibles exempt from taxation – Corporation whose property is operated by another
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Except as provided in any act of incorporation, the intangible property of any corporation liable to a tax under this chapter and the intangible property and gross earnings of any corporation the property of which is operated in this state by the first corporation shall be exempt from taxation.
History of Section.
P.L. 1942, ch. 1212, art. 6, § 6; G.L. 1956, § 44-13-12; P.L. 1985, ch. 181, art. 62, § 1.
Terms Used In Rhode Island General Laws 44-13-12
- 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.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.