Sec. 32-46. Tax exemption.
Sec. 32-46. Tax exemption. The corporation shall be and is hereby declared exempt from all franchise, corporate business, property and income taxes levied by the
state or any municipality, provided nothing herein shall be construed to exempt from
any such taxes, or from any taxes levied in connection with the manufacture or sale of
any products which are the subject of any agreement made by the corporation, any
person entering into any agreement with the corporation.
(1972, P.A. 248, S. 15; P.A. 96-107, S. 1, 2.)
History: P.A. 96-107 exempted corporation from property taxes levied by the state or any municipality and from
franchise, corporate business and income taxes levied by any municipality, effective July 1, 1996.
Constitutionality of sections 32-32-32-46 (chapter 581, 1972 public act 248) upheld. 167 C. 111.