160A-620. Tax exemption.
The property of the Authority, both real and personal, its acts, activities and income shall be exempt from any tax or tax obligation; in the event of any lease of Authority property, or other arrangement which amounts to a leasehold interest, to a private party, this exemption shall not apply to the value of such leasehold interest nor shall it apply to the income of the lessee. Otherwise, however, for the purpose of taxation, when property of the Authority is leased to private parties solely for the purpose of the Authority, the acts and activities of the lessee shall be considered as the acts and activities of the Authority and the exemption. The interest on bonds or obligations issued by the Authority shall be exempt from State taxes. (1989, c. 740, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 160A - Cities and Towns
Article 26 - Regional Public Transportation Authority.
§ 160A-602 - Definition of territorial jurisdiction of Authority.
§ 160A-603 - Creation of Authority.
§ 160A-604 - Territorial jurisdiction of the Authority.
§ 160A-605 - Membership; officers; compensation.
§ 160A-607 - Advisory committees.
§ 160A-607.1 - Special tax board.
§ 160A-608 - Purpose of the Authority.
§ 160A-609 - Service area of the Authority.
§ 160A-610 - General powers of the Authority.
§ 160A-611 - Authority of Utilities Commission not affected.
§ 160A-612 - Fiscal accountability.
§ 160A-614 - Effect on existing franchises and operations.
§ 160A-616 - Controlling provisions.
§ 160A-617 - Bonds and notes authorized.
§ 160A-618 - Equipment trust certificates.
§ 160A-619 - Power of eminent domain.
§ 160A-621 - Removal and relocation of utility structures.
§ 160A-623 - Regional Transportation Authority registration tax.
§ 160A-624 - Recommendation of additional revenue sources.
§ 160A-625 - Reports to the General Assembly.