(A) The bonds and the income from the bonds are exempt from all taxation in the State except for inheritance, estate, or transfer taxes, regardless of the federal income tax treatment of the interest from the bonds.
(B) The exercise of the powers granted by this chapter are in all respects for the benefit of the citizens of the State and for the promotion of their welfare, convenience, and prosperity. Property, whether real or personal, tangible or intangible, of the authority and the income and operations of the authority are exempt from taxation or assessment by the State or any of its political subdivisions.
(C) It is lawful for executors, administrators, guardians, committees, and other fiduciaries to invest any monies in their hands in bonds. Nothing contained in this section may be construed as relieving any person from the duty of exercising reasonable care in selecting investments.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
Structure South Carolina Code of Laws
Chapter 49 - Tobacco Settlement Revenue Management Authority Act
Section 11-49-10. Short title.
Section 11-49-20. Definitions.
Section 11-49-30. Tobacco Settlement Revenue Management Authority created; purpose; termination.
Section 11-49-40. Board; members; compensation; ethics; administrative assistance; personnel.
Section 11-49-50. Tobacco receipts; assignment to authority.
Section 11-49-55. State-grown crops; marketing, branding, and natural disaster relief assistance.
Section 11-49-60. Powers of board to operate and administer authority.
Section 11-49-80. Board and authority assets limited to tobacco receipts.
Section 11-49-90. Power to incur debt.
Section 11-49-100. Accounts to be maintained separately; annual report.
Section 11-49-130. Excess tobacco receipts.
Section 11-49-140. Exemption from provisions of Chapter 23, Title 1.
Section 11-49-150. Consent to and approval of master settlement agreement; modification.
Section 11-49-160. Right of authority to fulfill agreements with bond holders protected.