Montana Code 80-12-305. Tax exemption of bonds
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80-12-305. Tax exemption of bonds. Bonds issued by the authority under this chapter and their transfer and income, including any profits made on their sale, are exempt from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes. The authority is not required to pay recording or transfer fees or taxes on instruments recorded by it.
Terms Used In Montana Code 80-12-305
- Authority: means the department of agriculture provided for in 2-15-3001. See Montana Code 80-12-102
- Bonds: means bonds or bond anticipation notes issued by the authority under the provisions of this chapter. See Montana Code 80-12-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201