§ 159D-55. Tax exemption. - North Carolina Statutes

§ 159D‑55.  Taxexemption.

The exercise of the powers granted by this Article will be in allrespects for the benefit of the people of the State and will promote theirhealth and welfare.

Any bonds or notes issued by the agency under the provisions of thisArticle are at all times be free from taxation by the State or any local unitor political subdivision or other instrumentality of the State, exceptinginheritance or gift taxes, income taxes on the gain from the transfer of thebonds and notes, and franchise taxes. The interest on the bonds and notes isnot subject to taxation as income. (1985 (Reg. Sess., 1986), c. 794, s. 21; 1995, c. 46, s. 5; 2000‑179,s. 2.)