§ 142-68. Tax exemption. - North Carolina Statutes

§ 142‑68.  Taxexemption.

Any financing contract enteredpursuant to this Article, and any certificates of participation relating to it,shall at all times be free from taxation by the State or any politicalsubdivision or any of their agencies, excepting estate, inheritance, and gifttaxes; income taxes on the gain from the transfer of the financing contract orcertificates of participation; and franchise taxes. The interest component ofthe installment payments made by the State under the financing contract,including the interest component of any certificates of participation, is notsubject to taxation as income. (2002‑161, s. 9.)