§ 16-57-11 - Exemption from taxation. - Rhode Island Statutes

SECTION 16-57-11

   § 16-57-11  Exemption from taxation. –(a) The exercise of the powers granted by this chapter will be in all respectsfor the benefit of the people of this state, the increase of their commerce,welfare, and prosperity and for the improvement of their living conditions andwill constitute the performance of an essential governmental function and theauthority shall not be required to pay any taxes or assessments upon or inrespect of any transaction or of any property or money of the authority, leviedby any municipality or political subdivision of the state.

   (b) The authority shall not be required to pay state taxes ofany kind, and the authority, its property, and money shall at all times be freefrom taxation of every kind by the state and by the municipalities and allpolitical subdivisions of the state. The authority shall not be required to payany transfer tax of any kind on account of instruments recorded by it or on itsbehalf.