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§ 868. Nonprofit corporations for benefit of towns, cities and counties--Issuance of indebtedne...

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 19. Nonprofit Corporations
18 Okl.St.Ann. § 868
§ 868. Nonprofit corporations for benefit of towns, cities and counties--Issuance of indebtedness--Exemption from taxation
A. A corporation organized not for profit pursuant to the provisions of the Oklahoma General Corporation Act1 and that holds a valid exemption from federal income taxation issued pursuant to Section 501(a) of the Internal Revenue Code (26 U.S.C. Section 501(a)) and is listed as an exempt organization in Section 501(c) of the Internal Revenue Code (26 U.S.C . Section 501(c)) is hereby authorized to issue indebtedness for the purpose of providing funds for the benefit of and on behalf of Oklahoma educational institutions, towns, cities and counties and their citizens throughout the state and to issue such indebtedness on a tax-exempt or taxable basis, as applicable under the Internal Revenue Code (26 U.S.C. Section 1, et seq.) as amended. Such not for profit corporations shall not be subject to the provisions of Sections 695.7, 695.8 and 695.9 of Title 62 of the Oklahoma Statutes, or similar laws thereto.
B. The interest on any indebtedness or obligations issued by any public trust or other entity authorized to issue obligations on which the interest thereon is exempt from federal income taxation and whose purpose includes providing safe, decent and affordable single family or multifamily housing, shall not be subject to taxation by the State of Oklahoma or by any county, municipality, or political subdivision therein when such indebtedness or obligation is issued to provide decent and affordable single family or multifamily housing.

Credits

Laws 1998, c. 283, § 2, emerg. eff. May 27, 1998; Laws 1998, c. 400, § 6, emerg. eff. June 10, 1998; Laws 2000, c. 351, § 13, eff. July 1, 2001.

Footnotes

Title 18, § 1001 et seq.
18 Okl. St. Ann. § 868, OK ST T. 18 § 868
Current with emergency effective legislation through Chapter 316 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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