North Carolina General Statutes Chapter 122D. North Carolina Agricultural Finance Act § 122D-14. Exemption from taxes

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

The exercise of the powers granted by this Chapter will be in all respects for the benefit of the people of the State, for their well-being and prosperity and for the improvement of their social and economic conditions, and the Authority shall not be required to pay any tax or assessment on any property owned by the Authority under the provisions of this Chapter or upon the income therefrom.

Any obligations issued by the Authority under the provisions of this Chapter shall at all times be free from taxation by the State or any local unit or political subdivision or other instrumentality of the State, excepting inheritance or gift taxes, income taxes on the gain from the transfer of the obligations, and franchise taxes.  The interest on the obligations is not subject to taxation as income.

Cite this article: FindLaw.com - North Carolina General Statutes Chapter 122D. North Carolina Agricultural Finance Act § 122D-14. Exemption from taxes - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-122d-north-carolina-agricultural-finance-act/nc-gen-st-sect-122d-14.html


FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Copied to clipboard