2006 Nebraska Revised Statutes - § 58-324 — Authority; property; public; exempt from taxation; when; dissolution; construction of act.

Section 58-324
Authority; property; public; exempt from taxation; when; dissolution; construction of act.

All property acquired or held by the authority to carry out the purposes of the Small Business Development Authority Act is declared to be public property. (1) The property to the extent such property is used for a public purpose, (2) all the income from such property, and (3) any income and dividends derived from any other source shall at all times be exempt from all taxes imposed by this state or any county, city, or other political subdivision of this state. Nothing in this section shall be construed to exempt from taxes any enterprise which receives financing from the authority pursuant to section 58-321.

If the authority is dissolved, the ownership of any assets remaining after all indebtedness and other obligations of the authority have been discharged shall pass to the state.

Nothing in the Small Business Development Authority Act shall be construed as an appropriation of state funds to the authority or as an authorization to appropriate state funds to the authority in the future.

Source:

Laws 1984, LB 1117, § 24

Laws 2001, LB 173, § 19

~Reissue Revised Statutes of Nebraska