It is enacted by the General Assembly as follows:
SECTION 1. All the real and personal property of FRIENDS OF LITTLECOMPTON NURSING ASSOCIATION, incorporated as a nonbusiness corporation,shall be exempt from local taxation for all real and personalproperty held by said nonbusiness corporation, which is not inexcess of three hundred thousand dollars ($300,000), so long assaid property shall be used for the purposes for which said corporationwas incorporated.
SECTION 2. This act shall take effect upon passage.