North Carolina § 116-209 - 13. Tax exemption.
Full text of North Carolina North Carolina General Statutes § 116-209 — 13. Tax exemption., with citation guidance and answers to common questions.
§ 116-209. 13. Tax exemption.
The exercise of the powers granted by this Article in all respects will be for the benefit of the people of the State, for their well-being and prosperity and for the improvement of their social and economic conditions, and the Authority shall not be required to pay any taxes on any property owned by the Authority under the provisions of this Article or upon the income therefrom, and the bonds issued under the provisions of this Article shall at all times be free from taxation by the State or any local unit or political subdivision or other instrumentality of the State, excepting inheritance or gift taxes, income taxes on the gain from the transfer of the bonds, and franchise taxes. The interest on the bonds is not subject to taxation as income. History (1967, c. 1177; 1995, c. 46, s. 9.)
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 116-209
What does North Carolina General Statutes § 116-209 cover?
Section 116-209 ("13. Tax exemption.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. 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 North Carolina § 116-209?
A common citation format is "North Carolina General Statutes § 116-209" (North Carolina). 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 North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 116-209 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina 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 North Carolina.