§ 7-240. Property of nonprofit organization engaged in containment of coastal and tidal oil spills

   Personal property is not subject to property tax if the property:

   (1) is owned by a nonprofit organization that:

      (i) is qualified as tax exempt under § 501(c)(4) of the Internal Revenue Code; and

      (ii) is engaged primarily in providing a program to render its best efforts to contain, clean up, and otherwise mitigate spills of oil or other substances occurring in United States coastal and tidal waters; and

   (2) is used for the purposes of the organization.

HISTORY: 1997, ch. 382.