§ 44-13.1-3 - Payment in lieu of taxes.
SECTION 44-13.1-3
§ 44-13.1-3 Payment in lieu of taxes.– (a) Within thirty (30) days after the end of the state's fiscal year endingJune 30, 1986 and within thirty (30) days after the end of each fiscal yearthereafter, each corporation operating a railroad and carrying on business forprofit in this state shall make a payment to the state in lieu of the taxesfrom which the corporation is exempted under § 44-13.1-1[repealed]. The payment shall be in an amount equal to the sum of:
(i) The property taxes which would otherwise have beenpayable, without penalty or interest, by the corporation to municipalities andfire districts within the state during the fiscal year; and
(ii) All taxes otherwise payable to the state and based onthe corporations' income during the fiscal year, provided, that the paymentsprovided for in this section shall be reduced by the following percentages:
(A) Payment due within thirty (30) days after the end of thefiscal year ending June 30, 1986: twenty-five percent (25%).
(B) Payment due within thirty (30) days after the end of thefiscal year ending June 30, 1987: fifty percent (50%).
(C) Payment due within thirty (30) days after the end of thefiscal year ending June 30, 1988: seventy-five percent (75%).
(D) Payment due within thirty (30) days after the end of thefiscal year ending June 30, 1989: one hundred percent (100%).
(b) From the payments received from the corporations pursuantto the provisions of subsection (a) (i), an account in the general fund iscreated, the proceeds of which are restricted to the distribution of funds tothe several cities and towns and fire districts as outlined in § 44-13.1-2.