§ 45-50-19 - Exemptions from taxation.
SECTION 45-50-19
§ 45-50-19 Exemptions from taxation.– The exercise of the powers granted by this chapter are, in all respects, forthe benefit of the people of the municipality and the state of Rhode Island andfor the facilitation of the conduct of their public business; and as theacquisition, construction, operation, and maintenance by the authority of theprojects defined in this chapter constitute the performance of essentialgovernmental functions, the authority is not required to pay any taxes orassessments upon the projects or upon any property acquired or used by theauthority under the provisions of this chapter, or upon the income from theprojects, or any other state or local tax of any kind or description, nor isthe authority be required to pay any recording fee or transfer tax of any kindor description, and the bonds, issued under the provisions of this chapter,their transfer, and the income therefrom (including any profit made on the saleof the bonds) are at all times free from taxation by the state or any politicalsubdivision or other instrumentality of the state, excepting estate taxes; andthe authority shall pay property taxes and assessments on its propertieslocated outside the boundaries of the city or town whose council establishedthe authority.