12 U.S.C. § 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, must 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 must be exempt from all State and local taxation now or hereafter imposed. (2) Any obligation described in paragraph (1) must 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 must be treated as local taxes.