Property 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.