11.1612 Construction to avoid double exemption.

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The provisions of this chapter shall be strictly construed to discourage and frustrate the use of any subterfuge, device or scheme, whether by means of sale, transfer, assignment of assets or interests, or otherwise, designed to secure a tax exemption for any person, partnership, or corporation previously granted or enjoying such exemption upon the basis of the same or substantially the same investment.

History: 1962, PL 7-32; 1963, PL 8-4.