(a) Exemption from local taxes.--
(1) Subject to paragraph (2), the following shall be exempt from county, city, borough, town, township, school, bounty, poor or head taxes:
(i) A building owned and occupied by a local library.
(ii) The land on which a local library stands.
(iii) Land that is immediately and necessarily appurtenant to a local library.
(2) Paragraph (1) applies even if some portion of the building or land yields rental income to the corporation or association managing the library, if the net rental receipts of the corporation or association are used solely to maintain the library.
(b) Exemption from inheritance taxes.--A gift, devise, grant or endowment made to a local or national library shall be free from collateral inheritance tax.
(c) Exemption for investment interest.--A gift, endowment or fund of a local library which is invested in an interest-bearing security shall be exempt from State tax on money at interest, if that income is used solely for the purchase of books or the maintenance of the library.
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