Public-domain · open source
OpenJurist

Utah Code § 63H-8-303

Power to issue mortgage credit certificates -- Impact of federal legislation on tax exempt status of corporation bonds

Renumbered and Amended by Chapter 226, 2015 General Session

(1) In order to accomplish the purposes of this chapter the corporation may issue mortgage credit certificates under 26 U.S.C. Sec. 25, as amended, and has the sole responsibility for issuing or approving the issuance of mortgage credit certificates allowable to the state.

(2) A power granted to the corporation by this chapter may not be diminished by the enactment of federal legislation that would cause the interest on bonds, notes, or other obligations of the corporation to be subject to taxation under federal law.

(3) An exemption from state taxation granted in this chapter is not affected by federal legislation described under Subsection (2).

Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.