§ 39-18-12. Exemptions 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 increase of their commerce, maintenance, and increase of their transportation and general prosperity and for the improvement of their health, welfare, and living conditions and as the acquisition, operation, and maintenance by the authority of the transit properties acquired will constitute the performance of essential governmental functions, the authority shall not be required to pay any taxes or assessments upon the facilities or upon any property acquired or used by the authority under the provisions of this chapter, or upon the income from the operation of the transit facilities. The bonds issued under the provisions of this chapter, their transfer, and income derived therefrom (including any profit made on the sale thereof) at all times shall be free from taxation within the state.
History of Section. (P.L. 1964, ch. 210, § 1; P.L. 1965, ch. 127, § 8; P.L. 1983, ch. 157, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
