Indiana Code 6-8-5-1. Qualifying bonds, notes, warrants, or other evidences of indebtedness; application; financial institution franchise tax
(b) All bonds issued after March 11, 1933, and before March 12, 1959, by any municipality in this state under the provisions of any statute whereby the terms thereof provide for the payment of such bonds out of the funds derived from the revenues of any municipally owned utility or which are to be paid by pledging the physical property of any such municipally owned utility, or any bonds issued pledging both the physical property and the revenues of such utility, or any bonds issued for additions to or improvements to be made to such municipally owned utility, or any bonds issued by any municipality to be paid out of taxes levied by such municipality for the acquiring, purchase, construction, or the reconstruction of a utility, or any part thereof, shall be exempt from taxation for all purposes.
Terms Used In Indiana Code 6-8-5-1
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Statute: A law passed by a legislature.
(d) No other statute exempting interest paid on debt obligations of:
(1) a state or local public entity, including an agency, a government corporation, or an authority; or
(2) a corporation or other entity leasing real or personal property to an entity described in subdivision (1);
applies to measuring of the franchise tax imposed on financial institutions under IC 6-5.5.
[Pre-Local Government Recodification Citations: 6-8-5-1; 19-3-18-1.]
Formerly: Acts 1959, c.154, s.1. As amended by Acts 1980, P.L.8, SEC.58; P.L.80-1985, SEC.1; P.L.21-1990, SEC.37; P.L.68-1991, SEC.17; P.L.254-1997(ss), SEC.12; P.L.2-2007, SEC.128; P.L.172-2011, SEC.85; P.L.79-2017, SEC.53.