California Government Code 50667.1 – The bonds and, any interest on, or income from, the bonds are exempt …
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The bonds and, any interest on, or income from, the bonds are exempt from taxation in this state, except from bank and corporation franchise, gift, inheritance, and estate taxes.
(Added by Stats. 1985, Ch. 320, Sec. 2.)
Terms Used In California Government Code 50667.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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