12 U.S.C. § 2098 — Taxation

submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 131 words · no verdicts yet

in plain englishAI-generated · not legal advice

Federal land bank associations, their capital, reserves, surplus, and income are generally exempt from Federal, State, municipal, and local taxes, except for taxes on their real estate. Their listed debt instruments and related income also receive the stated tax exemption, subject to the Public Debt Act exception.

Each Federal land bank association and the capital, reserves, and surplus of it, and the income derived therefrom, must be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Federal land bank association to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Federal land bank associations and the notes, bonds, debentures, and other obligations issued by the associations must be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom must be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder of it under the Public Debt Act of 1941 ( 31 U.S.C. 3124 ).

the actual law source: uscode.house.gov ↗public domain

Each Federal land bank association and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Federal land bank association to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Federal land bank associations and the notes, bonds, debentures, and other obligations issued by the associations shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).

Source credit: (Pub. L. 92–181, title II, § 2.16, formerly § 2.17, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1637; renumbered § 2.16 and amended Pub. L. 100–399, title IV, § 401(w), (x), Aug. 17, 1988, 102 Stat. 999.)

history & why it existsrecord from the source credit

1988Enacted · Pub. L. 92-181 · 101 Stat. 1637
1988Amended · Pub. L. 100-399 · 102 Stat. 999

A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.

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