§ 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 p
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§ 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.