New Jersey Statutes 17:48-18. Corporation as charitable and benevolent institution; exemption from taxation
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Terms Used In New Jersey Statutes 17:48-18
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
Every corporation subject to the provisions of this chapter is hereby declared to be a charitable and benevolent institution and all of its funds shall be exempt from every State, county, district, municipal and school tax other than taxes on real estate and equipment.
L.1938, c. 366, p. 939, s. 18.