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

FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER III—CENTRAL LIQUIDITY FACILITY

State and local tax exemption

12 U.S.C. § 1795k

ChapterSUBCHAPTER III—CENTRAL LIQUIDITY FACILITY

This text of 12 U.S.C. § 1795k (State and local tax exemption) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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12 U.S.C. § 1795k.

Text

(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

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(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.

Source Credit

History

(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.)

Editorial Notes

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."

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12 U.S.C. § 1795k, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/1795k.