§ 42-116-24. Tax exemption.
(a) Bonds issued by the corporation in accordance with this chapter, the principal and the income from these bonds, including any profit made on the sale of these bonds, are, at all times, exempt from taxation by and within the state.
(b) The exercise of the powers granted by this chapter are in all respects for the benefit of the people of the state, the increase of their commerce, welfare, and prosperity and for the improvement of their health and living conditions and constitute the performance of an essential governmental function and the corporation, its assets, its properties, and its moneys, and the income derived from these are exempt from all state, municipal, and local taxes, excises and assessments; provided, however, that the corporation makes payments of real property taxes to municipalities and political subdivisions with respect to the real property of the corporation (other than real property owned by the corporation and used for the conduct of its operations) located in the municipalities and political subdivisions.
(c) With respect to any transfer of real estate or an interest in real estate to or from the corporation, neither the corporation nor the entity or person making or receiving the transfer are required to pay any real estate conveyance or transfer tax or recording fees of any kind on account of instruments or documents recorded by or on behalf of the corporation or any entity or person in connection with the transfer.
History of Section.P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 9, § 1.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation
Section 42-116-1. - Short title.
Section 42-116-2. - Legislative findings.
Section 42-116-3. - Definitions.
Section 42-116-5. - General powers of corporation.
Section 42-116-5.1. - Sale of property.
Section 42-116-6. - Additional general powers.
Section 42-116-7. - Assumption of liabilities and distribution.
Section 42-116-10. - Promulgation of regulations.
Section 42-116-11. - Payment of state funds — Agreement between corporation and department.
Section 42-116-12. - Payment of depositor’s claims.
Section 42-116-12.1. - Distribution of funds in individual retirement accounts.
Section 42-116-13. - Bonds of the corporation.
Section 42-116-14. - Refunding bonds.
Section 42-116-15. - Bonds eligible for investment.
Section 42-116-16. - No additional consent required.
Section 42-116-17. - Bonds not obligations of the state.
Section 42-116-18. - Lien status — Recording.
Section 42-116-19. - Investment securities.
Section 42-116-20. - Trust fund.
Section 42-116-21. - Authorization to accept appropriated monies.
Section 42-116-22. - Assistance by state officers, departments, boards and commissions.
Section 42-116-23. - Certain agreements.
Section 42-116-24. - Tax exemption.
Section 42-116-25. - Duration of corporation — Termination.
Section 42-116-25.1. - Defeasance of corporation bonds.
Section 42-116-25.2. - Indemnification.
Section 42-116-26. - Record keeping — Financial statements.
Section 42-116-27. - Inconsistent laws — Supplemental powers.
Section 42-116-28. - Compliance with federal law.
Section 42-116-29. - Inapplicability of certain laws.
Section 42-116-30. - Liability of the corporation.
Section 42-116-31. - Special revenue fund.
Section 42-116-32. - Corporation’s right to subrogation.
Section 42-116-33. - Performance review committee.
Section 42-116-34. - Severability.
Section 42-116-35. - Excess interest forfeiture.
Section 42-116-36. - Recording certain transfer documents.
Section 42-116-37. - Use of funds.
Section 42-116-38. - Depositor’s advisory board.
Section 42-116-39. - Payment of commission costs.