§ 17349. Exemption from taxation.

194 words·~1 min read·/pa/title-16/chapter-173/17349

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(a)Purpose of exemption.-- The authorized purposes of authorities created under this subchapter shall in all respects be for the benefit of the residents of this Commonwealth, for the increase of commerce and prosperity and for the improvement of health and living conditions.

(b)Authority exempt.-- An authority, as public instrumentality of the Commonwealth and performing essential governmental functions in effectuating these purposes, is exempt from the payment of any taxes or assessments upon a convention center or a part of a convention center, or property acquired or used or permitted to be used by a convention center for these purposes.

(c)Bonds exempt.-- Bonds issued by an authority, transfer of the bonds and the income from the bonds, including any profits made on the sale of the bonds, shall be exempt from State and local taxation within this Commonwealth.

(d)Limitation.-- The exemptions under subsections

(b)and

(c)shall not extend to gift, estate, succession or inheritance taxes or any other taxes not levied directly on the bonds, the transfer or the income of bonds from or the realization of profits on the sale of the bonds.

16c17350s