The corporation, all properties at any time owned by it and income therefrom of the corporation, all bonds issued by the corporation and the income therefrom, conveyances by or to the corporation and leases and mortgages by or to the corporation shall be exempt from all taxation in the State of Alabama. No license or excise tax may be imposed on any corporation in respect of the privilege of engaging in any of the activities authorized by this article.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 1 - Provisions Applicable to Counties Only.
Chapter 20 - Promotion of Industry and Trade.
Article 2 - Industrial Development Boards.
Section 11-20-30 - Definitions.
Section 11-20-31 - Legislative Intent; Construction of Article Generally.
Section 11-20-33 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-20-35 - Certificate of Incorporation - Amendment.
Section 11-20-36 - Board of Directors.
Section 11-20-37 - Powers Generally; Location and Operation of Projects.
Section 11-20-39 - Bonds - Security for Payment of Principal and Interest; Remedies Upon Default.
Section 11-20-42 - Liability of County Upon Bonds, Obligations, Agreements, etc., of Corporations.
Section 11-20-43 - Disposition of Net Earnings.
Section 11-20-47 - Exemptions of Corporations - Taxation.
Section 11-20-48 - Exemptions of Corporations - Usury and Interest Laws.
Section 11-20-49 - Exemptions of Corporations - Competitive Bid Laws.