Indiana § 8-5-15-16 - Exercise of powers under this chapter for benefit of people of Indiana; tax exemption
Full text of Indiana Indiana Code § 8-5-15-16 — Exercise of powers under this chapter for benefit of people of Indiana; tax exemption, with citation guidance and answers to common questions.
§ 8-5-15-16. Exercise of powers under this chapter for benefit of people of Indiana; tax exemption
Sec. 16. (a) The exercise of the powers granted by this chapter is in all respects for the benefit of the people of Indiana, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions.
(b) As the operation and maintenance of a railroad project by the board will constitute the performance of essential governmental functions, the board shall not be required to pay any taxes or assessments upon any railroad project or any property acquired or used by the board under this chapter, or upon the income from it, and the bonds issued under this chapter, the interest on them, the proceeds received by a holder from the sale of the bonds to the extent of the holder's cost of acquisition, or proceeds received upon redemption before maturity or proceeds received at maturity, and the receipt of the interest and proceeds are exempt from taxation in Indiana as provided in IC 6-8-5.
As added by P.L.64-1984, SEC.12. Amended by P.L.3-1990, SEC.30.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 8-5-15-16
What does Indiana Code § 8-5-15-16 cover?
Section 8-5-15-16 ("Exercise of powers under this chapter for benefit of people of Indiana; tax exemption") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 8-5-15-16?
A common citation format is "Indiana Code § 8-5-15-16" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 8-5-15-16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.