It is enacted by the General Assembly as follows:

SECTION 1. Chapter 44-18 of the General Laws entitled "Sales and Use Taxes" is hereby amended by adding thereto the following section:

{ADD 44-18-40.1. Exemption for certain energy products. -- ADD} {ADD Notwithstanding any provision of the general laws to the contrary, the gross receipts from the sale, storage, use or other consumption of electricity, steam and thermal energy which is produced, transmitted and/or sold by the Rhode Island Port Authority and Economic Development Corporation shall be exempt from the taxes imposed by this chapter. ADD}

SECTION 2. This act shall take effect upon passage.