North Carolina § 116-183 - Acceptance of grants; exemption from taxation.
Full text of North Carolina North Carolina General Statutes § 116-183 — Acceptance of grants; exemption from taxation., with citation guidance and answers to common questions.
§ 116-183. Acceptance of grants; exemption from taxation.
The Board is hereby authorized, subject to the approval of the Director of the Budget, to accept grants of money or materials or property of any kind for any project from a federal agency, private agency, corporation or individual, upon such terms and conditions as such federal agency, private agency, corporation or individual may impose. The bonds issued under this Article are exempt from all State, county, and municipal taxation or assessment, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise, excluding income taxes on the gain from the transfer of the bonds and notes, and franchise taxes. The interest on the bonds and notes is not subject to taxation as income. History (1957, c. 1131, s. 9; 1983, c. 577, s. 6; 1995, c. 46, s. 6; 2015-264, s. 16(c).) Effect of Amendments. - Session Laws 2015-264, s. 16(c), effective October 1, 2015, deleted "inheritance and gift taxes" preceding "income taxes on the gain" in the next-to-last sentence of the section.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 116-183
What does North Carolina General Statutes § 116-183 cover?
Section 116-183 ("Acceptance of grants; exemption from taxation.") 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 § 116-183?
A common citation format is "North Carolina General Statutes § 116-183" (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 § 116-183 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.