142-12. State bonds exempt from taxation.
Bonds and other evidences of indebtedness issued by the State are exempt from State taxation to the extent provided in the act authorizing their issuance. If the act authorizing the issuance of the instruments does not address exemption from taxation, then they are exempt from taxation by the State or any of its subdivisions, except for inheritance or gift taxes, income taxes on the gain from the transfer of the instruments, and franchise taxes. Unless the act authorizing the issuance of the instruments provides otherwise, the interest on the instruments is not subject to taxation as income. (1852, c. 10, s. 4; R.C., c. 90, s. 5; Code, s. 3565; Rev., s. 5022; C.S., s. 7410; 1995, c. 46, s. 14.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 1 - General Provisions.
§ 142-2 - Title of act and year of enactment recited in bonds.
§ 142-3 - Record of bonds kept by State Treasurer.
§ 142-4 - Books for registration and transfer.
§ 142-5 - Registration as to principal.
§ 142-6 - Registration as to principal and interest.
§ 142-7 - No charge for registration.
§ 142-8 - Application of §§ 142-1 to 142-9.
§ 142-9 - Duties performed by other officers.
§ 142-10 - Chief clerk may issue when Treasurer unable to act.
§ 142-11 - When bonds deemed duly executed.
§ 142-12 - State bonds exempt from taxation.
§ 142-13 - Destruction of canceled bonds, notes and coupons.
§ 142-14 - Issuance of temporary bonds.
§ 142-15 - Reimbursement of Treasurer for interest.
§ 142-15.1 - Lost, stolen, defaced, or destroyed State bonds.