Delaware Code Title 2 Sec. 1319 – Exemption from taxation
The State covenants with the purchasers and with all subsequent holders, owners and transferees of bonds, in consideration of the acceptance of and payment for the bonds, that the bonds (which include interest thereon), and their transfer, shall be exempt from taxation by the State and its political subdivisions, except for estate, inheritance or gift taxes.
Terms Used In Delaware Code Title 2 Sec. 1319
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Personal property: All property that is not real property.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
Notwithstanding the foregoing, the Authority may elect to issue bonds, the interest on which is subject to federal income taxation.
Any real or personal property of the Authority and all revenues of the Authority shall be exempt from any and all taxation by the State or any political subdivision thereof for any purpose.
62 Del. Laws, c. 164, §§ ?1, 2; 63 Del. Laws, c. 179, § ?34;