§ 3.24.120. Exemptions—Certain conveyances involving nonprofit corporations.  


Latest version.
  • The tax imposed pursuant to this chapter shall not apply with respect to any deed, instrument or other writing by which the state of California, any political subdivision thereof, or agency or instrumentality of either thereof, conveys to a nonprofit corporation realty the acquisition, construction or improvement of which was financed or refinanced by obligations issued by the nonprofit corporation on behalf of a government unit, within the meaning of Section 1.103-1(b) of Title 26 of the Code of Federal Regulations.

(Ord. No. 1362, § 1, 9-20-2011)