California Government Code 26348 – All bonds, and the interest or income therefrom, are exempt from all …
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All bonds, and the interest or income therefrom, are exempt from all taxation in this State other than gift, inheritance and estate taxes.
(Added by Stats. 1947, Ch. 815.)
Terms Used In California Government Code 26348
- Bonds: as used in this chapter means the written evidence of any obligation incurred by the board payable out of revenues as provided in this chapter in order to secure funds with which to carry out the purposes of this chapter irrespective of the form of such obligation whether in the form of bonds, notes, debentures, interest bearing certificates or other forms prescribed by the board. See California Government Code 26399
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18