Maine Revised Statutes Title 23 Sec. 1971 – Exemption from taxes
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Terms Used In Maine Revised Statutes Title 23 Sec. 1971
- Authority: means the Maine Turnpike Authority, created by Private and Special Law 1941, chapter 69, and continued in existence by this chapter. See Maine Revised Statutes Title 23 Sec. 1964
- bonds: means and includes a bond or note or other evidence of indebtedness authorized under this chapter whether issued under or pursuant to a bond resolution, trust indenture or loan or other security agreement. See Maine Revised Statutes Title 23 Sec. 1964
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
The accomplishment by the authority of the authorized purpose stated in this chapter being for the benefit of the people of the State and for the improvement of their commerce and prosperity in which accomplishment the authority will be performing essential governmental functions, the authority shall not be required to pay any taxes or assessment on any property acquired or used by it for the purposes provided in this chapter, except that restaurants, kiosks, fuel and service facilities, leased or rented by the authority to business entities, shall be subject to taxation, and assessments shall be made against the tenant in possession based upon the value of the leasehold interest, both real and personal, nor may the authority be required to pay any tax upon its income except as may be required by the laws of the United States, and the bonds or other securities and obligations issued from the authority, their transfer and the income therefrom, including any profits made on the sale thereof, shall at all times be free from taxation within the State. [PL 1983, c. 707, §2 (AMD).]
SECTION HISTORY
PL 1981, c. 595, §3 (NEW). PL 1983, c. 707, §2 (AMD).