(A) Both the principal and interest of all bonds, notes, and certificates of indebtedness, by or on behalf of the United States government, the State, or an authority, agency, department, or institution of the State, and all counties, school districts, municipalities, and other political subdivisions of the State, and all agencies thereof, are exempt from all state, county, municipal, school district, and all other taxes or assessments, except estate or other transfer taxes, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise. This exemption extends to all recipients of all interest paid on the obligation, whether paid directly or paid indirectly through a trustee, guardian, or other fiduciary.
(B) "Bonds" as used in this section applies to general obligation bonds and bonds payable wholly or in part from any special fund or from the revenues of a project or undertaking of the issuer.
HISTORY: 1991 Act No. 50, Section 1.
Structure South Carolina Code of Laws
Chapter 2 - General Provisions
Section 12-2-10. "Department" defined.
Section 12-2-15. "Department of Revenue and Taxation" to mean "Department of Revenue".
Section 12-2-20. "Person" and "Individual" defined.
Section 12-2-30. Repealed or amended act or code section remaining in force for limited purposes.
Section 12-2-50. Governmental bonds, notes, and certificates of indebtedness tax exempt.
Section 12-2-75. Signatories to tax returns.
Section 12-2-90. Fee-in-lieu of tax; collection and enforcement.
Section 12-2-100. Tax credits; timeframe for use; refunds; allocation of credits.
Section 12-2-115. New jobs or investments not created; boundary clarification.
Section 12-2-120. Tax liability or refunds; boundary clarification.
Section 12-2-130. Authority to compromise taxes; boundary clarification.
Section 12-2-140. Federal tax information; background checks.