State Codes and Statutes
Statutes > North-carolina > Chapter_122A > GS_122a-19§122A‑19. Tax exemption.
The exercise of the powersgranted by this Chapter will be in all respects for the benefit of the peopleof the State, for their well‑being and prosperity and for the improvementof their social and economic conditions, and the Agency shall not be requiredto pay any tax or assessment on any property owned by the Agency under theprovisions of this Chapter or upon the income therefrom.
Any obligations issued by theAgency under the provisions of this Chapter shall at all times be free fromtaxation by the State or any local unit or political subdivision or otherinstrumentality of the State, excepting inheritance or gift taxes, income taxeson the gain from the transfer of the obligations, and franchise taxes. Theinterest on the obligations is not subject to taxation as income. (1969,c. 1235, s. 19; 1973, c. 1296, s. 59; 1995, c. 46, s. 10.)
