§ 1-1109. Bonds -- Tax status

Latest version.

(a) State and local. -- A bond, the transfer of a bond, the interest payable on a bond, the income derived from a bond, and the profit realized on the sale or exchange of a bond are exempt from State and local taxes.

(b) Federal. -- A county or municipality may issue bonds without regard to the federal tax status of the bonds.

HISTORY: An. Code 1957, art. 24, § 9-1506; 2013, ch. 119, § 2.

                    
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