§ 122D-14. Exemption from taxes. - North Carolina Statutes

§122D‑14.  Exemption from taxes.

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 Authority shall not berequired to pay any tax or assessment on any property owned by the Authorityunder the provisions of this Chapter or upon the income therefrom.

Any obligations issued by theAuthority 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. The intereston the obligations is not subject to taxation as income. (1985(Reg. Sess., 1986), c. 1011, s. 1; 1989 (Reg. Sess., 1990), c. 1000, s. 1;1995, c. 46, s. 11.)