1-16H-44Property tax exemption for certain leased property in Lawrence County.

If the authority leases land, improvements, equipment, fixtures, or other property interests in Lawrence County to an entity that:

(1)    Is organized and operated on a not-for-profit basis;

(2)    Is organized as a limited liability company;

(3)    Has members of the limited liability company otherwise qualifying for exemption from real property taxation in the state where the entity's headquarters are located; and

(4)    Is organized and operated for scientific research and related educational purposes;

the property and any possessory interest in the property is exempt from real property taxation.

Source: SL 2011, ch 8, § 1.