South Carolina § 11-49-120 Taxation of bonds, interest from bonds, and property of authority; fiduciaries authorized to invest in bonds.

South Carolina Statutes

§ 11-49-120 — Taxation of bonds, interest from bonds, and property of authority; fiduciaries authorized to invest in bonds.

South Carolina·Title 11 PUBLIC FINANCE·Ch. 49 TOBACCO SETTLEMENT REVENUE MANAGEMENT AUTHORITY ACT

(A)The bonds and the income from the bonds are exempt from all taxation in the State except for inheritance, estate, or transfer taxes, regardless of the federal income tax treatment of the interest from the bonds.

(B)The exercise of the powers granted by this chapter are in all respects for the benefit of the citizens of the State and for the promotion of their welfare, convenience, and prosperity. Property, whether real or personal, tangible or intangible, of the authority and the income and operations of the authority are exempt from taxation or assessment by the State or any of its political subdivisions.

(C)It is lawful for executors, administrators, guardians, committees, and other fiduciaries to invest any monies in their hands in bonds. Nothing contained in this section may be c

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(A) The bonds and the income from the bonds are exempt from all taxation in the State except for inheritance, estate, or transfer taxes, regardless of the federal income tax treatment of the interest from the bonds. (B) The exercise of the powers granted by this chapter are in all respects for the benefit of the citizens of the State and for the promotion of their welfare, convenience, and prosperity. Property, whether real or personal, tangible or intangible, of the authority and the income and operations of the authority are exempt from taxation or assessment by the State or any of its political subdivisions. (C) It is lawful for executors, administrators, guardians, committees, and other fiduciaries to invest any monies in their hands in bonds. Nothing contained in this section may be construed as relieving any person from the duty of exercising reasonable care in selecting investments.

South Carolina § 11-49-120 (Taxation of bonds, interest from bonds, and property of authority; fiduciaries authorized to invest in bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.