§ 44-13.1-3. Payment in lieu of taxes. (a) Within thirty (30) days after the end of the state's fiscal year ending June 30, 1986 and within thirty (30) days after the end of each fiscal year thereafter, each corporation operating a railroad and carrying on business for profit in this state shall make a payment to the state in lieu of the taxes from which the corporation is exempted under § 44-13.1-1 [repealed]. The payment shall be in an amount equal to the sum of:

(i) The property taxes which would otherwise have been payable, without penalty or interest, by the corporation to municipalities and fire districts within the state during the fiscal year; and

(ii) All taxes otherwise payable to the state and based on the corporations' income during the fiscal year, provided, that the payments provided for in this section shall be reduced by the following percentages:

(A) Payment due within thirty (30) days after the end of the fiscal year ending June 30, 1986: twenty-five percent (25%).

(B) Payment due within thirty (30) days after the end of the fiscal year ending June 30, 1987: fifty percent (50%).

(C) Payment due within thirty (30) days after the end of the fiscal year ending June 30, 1988: seventy-five percent (75%).

(D) Payment due within thirty (30) days after the end of the fiscal year ending June 30, 1989: one hundred percent (100%).

(b) From the payments received from the corporations pursuant to the provisions of subsection (a) (i), an account in the general fund is created, the proceeds of which are restricted to the distribution of funds to the several cities and towns and fire districts as outlined in § 44-13.1-2.

History of Section. (P.L. 1985, ch. 470, § 1; P.L. 1986, ch. 287, art. 18, § 1; P.L. 1987, ch. 205, § 1; P.L. 1987, ch. 261, § 1.)