Sec. 10a-236. Tax exemption.
Sec. 10a-236. Tax exemption. The exercise of the powers granted by this chapter
shall be in all respects for the benefit of the people of the state, for the increase of their
commerce, welfare and prosperity, and for the improvement of their health and living
conditions, and as operation of an educational program and assistance to students to
secure a better education by the authority or its agent shall constitute the performance
of an essential public function, neither the authority nor its agent shall be required to
pay any taxes or assessments, including mortgage recording taxes, upon or with respect
to any property acquired or used by the authority or its agent under the provisions of
this chapter or upon the income therefrom. Any bonds issued under the provisions of
this chapter, their transfer and income therefrom, including any profit made on the sale
thereof, shall at all times be free from taxation of every kind by the state and by the
municipalities and other political subdivisions in the state, but the interest on such bonds
shall be included in the computation of any excise or franchise tax.
(P.A. 82-313, S. 16, 28; P.A. 95-2, S. 17, 37.)
History: P.A. 95-2 required interest on bonds to be included in the computation of excise or franchise tax, where
previously interest was specifically excluded, effective March 8, 1995.