Connecticut § 7-497 - Income from notes and bonds tax-exempt; exception.
Full text of Connecticut Connecticut General Statutes § 7-497 — Income from notes and bonds tax-exempt; exception., with citation guidance and answers to common questions.
§ 7-497. Income from notes and bonds tax-exempt; exception.
Sec. 7-497. Income from notes and bonds tax-exempt; exception. It is hereby determined that the powers conferred upon municipalities by this chapter are in all respects for the benefit of the people of the state and for the improvement of their health, safety, welfare, comfort and security, and that the purposes of this chapter are public purposes and that municipalities will be performing an essential governmental function in the exercise of the powers conferred upon them by this chapter. The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by a municipality, in consideration of the acceptance of and payment for the notes and bonds, that the notes and bonds of the municipality issued pursuant to this chapter and the income therefrom shall at all times be free from taxation, except for estate and gift taxes and taxes on transfers. Municipalities are authorized to include this covenant of the state in any agreement with the holder of such notes or bonds.
(July Sp. Sess. P.A. 75-2, S. 18, 25.)
Source: official Connecticut text · Last verified 2026-08-27
Frequently Asked Questions About Connecticut § 7-497
What does Connecticut General Statutes § 7-497 cover?
Section 7-497 ("Income from notes and bonds tax-exempt; exception.") is part of the Connecticut General Statutes, the codified statutory law of Connecticut. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Connecticut § 7-497?
A common citation format is "Connecticut General Statutes § 7-497" (Connecticut). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Connecticut law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Connecticut official source linked on this page or consult a licensed Connecticut attorney.
How does Connecticut § 7-497 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Connecticut can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Connecticut.