Public Finance

Bonded Indebtedness of State

SECTION 35-8-22

§ 35-8-22. Rebate to federal government.

Notwithstanding any contrary provision of general or special law, the state and its agencies may rebate to the United States treasury any income from investments (including gains from the disposition of investments) of proceeds of bonds or notes to the extent deemed necessary to exempt (in whole or in part) the interest paid on the bonds or notes from federal income taxation.

History of Section.
(P.L. 1986, ch. 110, § 5.)