franchise tax. (1) Property acquired or held by the corporation under this chapter is declared to be public property used for essential public and governmental purposes. (2) The property, its income, and notes and bonds issued under this chapter, the interest payable on the notes and bonds, and income derived from the notes and bonds are exempt from taxation of every kind by the state, a county, a municipality, and any other political subdivision of the state, except for the corporate franchise tax. Renumbered and Amended by Chapter 226, 2015 General Session
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