Rhode Island § 42-116-24 - Rhode Island Depositors Economic Protection Corporation

§ 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.