Exemption from taxation or assessment

(a) A regional mobility authority is exempt from ad valorem property taxation of or assessments on each of the following: (1) A transportation system; (2) A transportation project; and (3) Property the regional mobility authority acquires or uses under this chapter for a transportation project or transportation system. (b) Income from the ownership or operation of the regional mobility authority shall be exempt from state income tax. Acts 2007, No. 389, § 1. (a) A regional mobility authority is exempt from ad valorem property taxation of or assessments on each of the following: (1) A transportation system; (2) A transportation project; and (3) Property the regional mobility authority acquires or uses under this chapter for a transportation project or transportation system. (1) A transportation system; (2) A transportation project; and (3) Property the regional mobility authority acquires or uses under this chapter for a transportation project or transportation system. (b) Income from the ownership or operation of the regional mobility authority shall be exempt from state income tax. Acts 2007, No. 389, § 1.