Section 16-26C-11 Exemptions from taxation. - Alabama Statutes

Section 16-26C-11

Exemptions from taxation.

(a) All assets and properties of the foundation, the income therefrom, and all other income of the foundation shall forever be exempt from any form of taxation in the State of Alabama whether imposed by the state, a county, or a municipality.

(b) All gifts, grants, devises, and bequests to the foundation by individuals, associations, corporations, and companies shall be exempt from all county and municipal taxes and shall be deductible from state income taxes in accordance with Section 40-18-15, as amended.

(Acts 1992, 2nd Ex. Sess., No. 92-716, p. 212, §11.)