NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 833

SENATE BILL 353

 

 

AN ACT TO EXEMPT FROM INCOME TAXATION INTEREST ON OBLIGATIONS OF NONPROFIT EDUCATIONAL INSTITUTIONS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  G.S. 105-141, subsection (b) (4), as the same appears in the 1965 Replacement Volume 2D of the General Statutes of North Carolina, is hereby amended by inserting in lines 2 and 3 of said subsection between the word "thereof" and the colon (:) the following: ", or of nonprofit educational institutions organized or chartered under the laws of the State of North Carolina".

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be effective for income years beginning on and after January 1, 1965.

Sec. 4.  This Act shall be in full force and effect upon its ratification.

In the General Assembly read three times and ratified, this the 8th day of June, 1965.