142-92. Tax exemption.
Special indebtedness 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 indebtedness; and franchise taxes. The interest component of any payments made by the State under special indebtedness, including the interest component of any certificates of participation, is not subject to taxation as to income. (2003-284, s. 46.2; 2003-314, s. 1; 2004-203, s. 79; 2015-264, s. 16(h).)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 9 - State Capital Facilities Finance Act.
§ 142-81 - Findings and purpose.
§ 142-83 - Authorization of special indebtedness; General Assembly approval.
§ 142-84 - Procedure for incurrence or issuance of special indebtedness.
§ 142-85 - Security; other requirements.
§ 142-86 - Financing contract indebtedness.
§ 142-87 - Additional requirements for certificates of participation indebtedness.
§ 142-88 - Bonded indebtedness.
§ 142-89 - Issuance of limited obligation bonds and notes.
§ 142-90 - Variable rate demand bonds and notes and financing contract indebtedness.
§ 142-93 - Investment eligibility.