Rhode Island General Laws 45-50-19. Exemptions from taxation
The exercise of the powers granted by this chapter are, in all respects, for the benefit of the people of the municipality and the state of Rhode Island and for the facilitation of the conduct of their public business; and as the acquisition, construction, operation, and maintenance by the authority of the projects defined in this chapter constitute the performance of essential governmental functions, the authority is not required to pay any taxes or assessments upon the projects or upon any property acquired or used by the authority under the provisions of this chapter, or upon the income from the projects, or any other state or local tax of any kind or description, nor is the authority be required to pay any recording fee or transfer tax of any kind or description, and the bonds, issued under the provisions of this chapter, their transfer, and the income therefrom (including any profit made on the sale of the bonds) are at all times free from taxation by the state or any political subdivision or other instrumentality of the state, excepting estate taxes; and the authority shall pay property taxes and assessments on its properties located outside the boundaries of the city or town whose council established the authority.
History of Section.
P.L. 1987, ch. 475, § 1.
Terms Used In Rhode Island General Laws 45-50-19
- authority: means any municipal public buildings authority created pursuant to this chapter, or, if the authority is abolished, the board, body, or commission succeeding to the principal functions or upon whom the powers of the authority given by this chapter are given by law. See Rhode Island General Laws 45-50-9
- bonds: means and includes the notes, bonds, and other evidences of indebtedness or obligations which the authority is authorized to issue pursuant to this chapter. See Rhode Island General Laws 45-50-9
- construction: means and includes acquisitions, construction repair, rehabilitation, development, and installation, and the term "to construct" means and includes to acquire, to construct, to repair, to rehabilitate, to develop and to install, all in a manner as may be deemed desirable. See Rhode Island General Laws 45-50-9
- municipality: means and includes any city or town within the state. See Rhode Island General Laws 45-50-9
- state: means and includes the state of Rhode Island, and any office, department, board, commission, bureau, division, authority, public corporation, agency, or instrumentality thereof. See Rhode Island General Laws 45-50-9
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9