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12 U.S.C. · Banks and Banking
12 U.S.C. § 1795k

State and local tax exemption

Ch. 14 — FEDERAL CREDIT UNIONS
Title 12 U.S.C. ● ACTIVE Primary Source Ch. 14
Statutory Text

12 U.S.C. § 1795k — State and local tax exemption

U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2023 Edition Title 12 - BANKS AND BANKING CHAPTER 14 - FEDERAL CREDIT UNIONS SUBCHAPTER III - CENTRAL LIQUIDITY FACILITY Sec. 1795k - State and local tax exemption From the U.S. Government Publishing Office, www.gpo.gov

§1795k. State and local tax exemption

(a) Franchise, activities, etc., of Central Liquidity Facility; exception The Central Liquidity Facility, and its franchise, activities, capital reserves, surplus, and income, shall be exempt from all State and local taxation now or hereafter imposed, other than taxes on real property held by the Facility (to the same extent, according to its value, as other similar property held by other persons is taxed). (b) Notes, bonds, debentures and other obligations of Central Liquidity Facility; exceptions (1) Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facility and the income therefrom shall be exempt from all State and local taxation now or hereafter imposed. (2) Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes. (c) "State" defined; tax status For purposes of this section— (1) the term "State" includes the District of Columbia; and (2) taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.

(June 26, 1934, ch. 750, title III, §312, as added Pub. L. 98–369, div. B, title VIII, §2813(a)(2), July 18, 1984, 98 Stat. 1206.)

Statutory Notes and Related Subsidiaries

Effective Date Pub. L. 98–369, div. B, title VIII, §2813(c), July 18, 1984, 98 Stat. 1207, provided that: "The amendments made by this section [enacting this section and amending section 1795b of this title and section 501 of Title 26, Internal Revenue Code] shall take effect on October 1, 1979."

Source: uscode.house.gov — public domain Official Source ↗
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12 U.S.C. § 1795k
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The statutory text of 12 U.S.C. § 1795k is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 12 U.S.C. § 1795j 12 U.S.C. § 1801 →
Ch. 14 — FEDERAL CREDIT UNIONS
12 U.S.C. § 175112 U.S.C. § 1751a12 U.S.C. § 175212 U.S.C. § 1752a12 U.S.C. § 175312 U.S.C. § 175412 U.S.C. § 175512 U.S.C. § 175612 U.S.C. § 1756a12 U.S.C. § 175712 U.S.C. § 1757a12 U.S.C. § 175812 U.S.C. § 175912 U.S.C. § 176012 U.S.C. § 176112 U.S.C. § 1761a12 U.S.C. § 1761b12 U.S.C. § 1761c12 U.S.C. § 1761d12 U.S.C. § 176212 U.S.C. § 176312 U.S.C. § 176412 U.S.C. § 176512 U.S.C. § 176612 U.S.C. § 176712 U.S.C. § 176812 U.S.C. § 176912 U.S.C. § 177012 U.S.C. § 177112 U.S.C. § 1772
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