Sec. 32-46. Tax exemption.

(a) The corporation shall have the tax exemptions provided under section 32-23h.

(b) Sales of and the storage, use or other consumption of any tangible personal property or services acquired for incorporation into or used and consumed in connection with the development, construction, rehabilitation, renovation or repair of a project, as defined in subsection (d) of section 32-23d, which project has been approved by the board of directors of the corporation for sales and use tax relief in accordance with procedures adopted by the board shall, subject to any limitations or conditions of such approval, be exempt from sales and use taxes imposed by chapter 219. The corporation may deliver a certificate to the effect that the sale of such tangible property or services is exempt from sales and use taxes imposed by said chapter 219, which certificate may be used in the purchase of such tangible personal property or services and on which certificate each seller of such tangible personal property or services may rely. The corporation shall develop any such certificate in collaboration and consultation with the Commissioner of Revenue Services.

(1972, P.A. 248, S. 15; P.A. 96-107, S. 1, 2; June 12 Sp. Sess. P.A. 12-1, S. 170.)

History: P.A. 96-107 exempted corporation from property taxes levied by the state or any municipality and from franchise, corporate business and income taxes levied by any municipality, effective July 1, 1996; June 12 Sp. Sess. P.A. 12-1 designated existing provisions as Subsec. (a) and amended same by replacing provisions re tax exemptions for corporation with reference to tax exemptions under Sec. 32-23h, and added Subsec. (b) re exemption from sales and use taxes, effective July 1, 2012.

Notation

Constitutionality of Secs. 32-32 to 32-46 upheld. 167 C. 111.