§ 5-415. State and local taxes

Latest version.

(a) Exemption. -- An authority is exempt from any State or local tax or assessment on the authority's properties or activities or on any revenue from the properties or activities.

(b) Sale or lease of property to private entity. -- Property that an authority sells or leases to a private entity is subject to State and local property taxes from the time of the sale or lease.

(c) Bonds. -- The principal of and interest on bonds, the transfer of bonds, and any income derived from the bonds, including profits made on their sale or transfer, are exempt from all State and local taxes.

HISTORY: An. Code 1957, art. 23A, § 66; 2013, ch. 119, § 2.

                    
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