State Codes and Statutes
Statutes > North-carolina > Chapter_160A > GS_160A-479_14§ 160A‑479.14. Taxexemption.
(a) The property of an authority, both real and personal, itsacts, activities and income shall be exempt from any tax or tax obligation; inthe event of any lease of authority property, or other arrangement whichamounts to a leasehold interest, to a private party, this exemption shall notapply to the value of such leasehold interest nor shall it apply to the incomeof the lessee.
(b) Otherwise, however, for the purpose of taxation, whenproperty of an authority is leased to private parties solely for the purpose ofan authority, the acts and activities of an authority for the purpose ofexemption of the lessee shall be considered as the acts and activities of theprivate parties.
(c) The interest on revenue bonds or notes issued by anauthority shall be exempt from State taxes. (1989, c. 780, s. 1.)
