§ 45-54-7 — § 45-54-7. Exemption from taxation.

Rhode Island § 45-54-7

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-54: Municipal Detention Facility Corporations

Text

§ 45-54-7. Exemption from taxation.

The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state and for the facilitation of the conduct of their public business, and as the acquisition, construction, operation, and maintenance by the corporation of the projects defined in this chapter will constitute the performance of essential governmental functions, the corporation is not required to pay any taxes or assessments upon the projects or upon any property acquired, or upon the income from the projects, or any other state or local tax of any kind or description, nor is the corporation 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 from them (including any profit made on the sale) at all time free from taxation by the state, or any political subdivision or other instrumentality of the state, excepting estate taxes, and the corporation shall pay property taxes and assessments on its properties located outside the boundaries of the city or town whose council established the corporation.

Legislative History

P.L. 1991, ch. 421, § 1.