North Carolina General Statutes § 160A-650 Tax exemption

The property of the Authority, both real and personal, its acts, activities, and income shall be exempt from any tax or tax obligation; in the event of any lease of Authority property, or other arrangement which amounts to a leasehold interest, to a private party, this exemption shall not apply to the value of such leasehold interest nor shall it apply to the income of the lessee. Otherwise, however, for the purpose of taxation, when property of the Authority 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 and activities of the Authority and the exemption. The interest on bonds or obligations issued by the Authority shall be exempt from State taxes. (1997-393, s. 1.)

Sections:  Previous  160A-643  160A-644  160A-645  160A-646  160A-647  160A-648  160A-649  160A-650  160A-651  160A-660  160A-661  160A-662  160A-663  160A-664  160A-665  Next

Last modified: March 23, 2014