Indiana Code 8-21-12-17. Loan contracts; tax exemptions
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Terms Used In Indiana Code 8-21-12-17
- Contract: A legal written agreement that becomes binding when signed.
- loan contract: means a debt instrument other than a revenue bond, such as a note. See Indiana Code 8-21-12-8
Sec. 17. Any loan contract issued under this chapter is issued by a body corporate and politic of this state, but not a state agency, and for essential public and governmental purposes. A loan contract, the interest on it, the proceeds received by a holder from the sale of a loan contract to the extent of the holder’s cost of acquisition, the proceeds received upon redemption before maturity, the proceeds received at maturity, and the receipt of the interest and proceeds are exempt from taxation as provided in IC 6-8-5.
As added by P.L.28-1991, SEC.2.