§ 42-55-24 — § 42-55-24. Tax exemption.

Rhode Island § 42-55-24

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-55: Rhode Island Housing and Mortgage Finance Corporation

Text

§ 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.

Legislative History

P.L. 1973, ch. 262, § 1; P.L. 2023, ch. 79, art. 6, § 2, effective June 16, 2023.