Montana Code 90-7-112. Exemption from taxation — securities law
90-7-112. Exemption from taxation — securities law. (1) The authority performs a public function for the benefit of the people of the state for the improvement of their health and living conditions and is a public instrumentality of the state. Accordingly, the income or other revenue of the authority and all property owned by the authority and any bonds, notes, or other obligations issued under this chapter, their transfer, and income therefrom, including any profit made on the sale thereof, are exempt at all times from all taxation in the state of Montana.
Terms Used In Montana Code 90-7-112
- Authority: means the Montana facility finance authority created in 2-15-1815. See Montana Code 90-7-102
- Property: means real and personal property. See Montana Code 1-1-205
- Revenue: means , with respect to eligible facilities, the rents, fees, charges, interest, principal repayments, and other income received or to be received by the authority from any source on account of the eligible facilities. See Montana Code 90-7-102
- 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
(2)Bonds issued by the authority are exempt from the Montana Securities Act, but copies of all prospectus and disclosure documents must be deposited with the state securities commissioner for public inspection.