§ 42-64.2-8 - Exemption from taxation. - Rhode Island Statutes

SECTION 42-64.2-8

   § 42-64.2-8  Exemption from taxation.– The exercise of the powers granted by this chapter will be in all respects forthe benefit of the people of this state, the increase of their commerce,welfare and prosperity and for the improvement of their health and livingconditions and will constitute the performance of an essential governmentalfunction, and the corporation shall not be required to pay any taxes orassessments upon or in respect of any project or of any property or moneys ofthe corporation, levied by any municipality or political subdivision of thestate; provided, that the corporation shall make payments in lieu of realproperty taxes and assessments to municipalities and political subdivisionswith respect to projects of the corporation located in the municipalities andpolitical subdivisions during those times that the corporation derives revenuefrom the lease or operation of the projects. The payments in lieu of taxesshall be in any amounts that shall be agreed upon by the corporation and theaffected municipalities and political subdivisions.