§ 160A-650. Tax exemption. - North Carolina Statutes

§ 160A‑650.  Taxexemption.

The property of the Authority, both real and personal, its acts,activities, and income shall be exempt from any tax or tax obligation; in theevent of any lease of Authority property, or other arrangement which amounts toa leasehold interest, to a private party, this exemption shall not apply to thevalue of such leasehold interest nor shall it apply to the income of thelessee. Otherwise, however, for the purpose of taxation, when property of theAuthority is leased to private parties solely for the purpose of the Authority,the acts and activities of the lessee shall be considered as the acts andactivities of the Authority and the exemption. The interest on bonds orobligations issued by the Authority shall be exempt from State taxes. (1997‑393, s. 1.)