N.C. Gen. Stat. § 142-68
Tax exemption
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
Any financing contract entered pursuant to this Article, and any certificates of participation relating to it, shall at all times be free from taxation by the State or any political subdivision or any of their agencies, excepting income taxes on the gain from the transfer of the financing contract or certificates of participation; and franchise taxes. The interest component of the installment payments made by the State under the financing contract, including the interest component of any certificates of participation, is not subject to taxation as income.
Any financing contract entered pursuant to this Article, and any certificates of participation relating to it, shall at all times be free from taxation by the State or any political subdivision or any of their agencies, excepting income taxes on the gain from the transfer of the financing contract or certificates of participation; and franchise taxes. The interest component of the installment payments made by the State under the financing contract, including the interest component of any certificates of participation, is not subject to taxation as income.
History
(2002-161, s. 9; 2015-264, s. 16(g).)
Effect of Amendments. - Session Laws 2015-264, s. 16(g), effective October 1, 2015, deleted "estate, inheritance, and gift taxes" preceding "income taxes on the gain" near the middle of the first sentence.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.