12 U.S.C. § 2134 — Taxation
submitted 55 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 82 words · no verdicts yet
This section exempts each bank for cooperatives and its obligations from most federal, state, territorial, and local taxes. Interest on the bank’s obligations remains subject to federal income tax for the holder.
Each bank for cooperatives and its obligations are instrumentalities of the United States. Therefore, the bank’s notes, debentures, and other obligations are exempt, as to both principal and interest, from every tax imposed now or later by the United States or by a State*, territory, or local taxing authority. The exceptions are surtaxes and estate, inheritance, and gift taxes. Interest on those obligations is nevertheless subject to federal income tax when received by the holder.
Each bank for cooperatives and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such bank shall be exempt, both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or any State*, territorial, or local taxing authority, except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder.
Source credit: (Pub. L. 92–181, title III, § 3.13, Dec. 10, 1971, 85 Stat. 608; Pub. L. 99–205, title II, § 205(e)(10), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, § 805(p), Jan. 6, 1988, 101 Stat. 1716.)
- 1971Enacted · Pub. L. 92-181 · 85 Stat. 608
- 1985Amended · Pub. L. 99-205 · 99 Stat. 1705
- 1988Amended · Pub. L. 100-233 · 101 Stat. 1716
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1971-12-10.
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