12 U.S.C. § 2279g — Transactions to accomplish mergers exempt from certain State taxes
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 89 words · no verdicts yet
A State or its subdivision may not treat a Farm Credit System merger as a property ownership change for reassessment or property-tax purposes.
A State* or a political subdivision of a State may not treat a merger or consolidation of two or more Farm Credit* System institutions under this subchapter or title IV of the Agricultural Credit Act of 1987 as changing who owns property owned by a merging or consolidating institution. This rule applies when a State or subdivision law reassesses property after an ownership change or imposes a tax on owning or transferring property.
No State* or political subdivision thereof may treat the merger or consolidation of two or more institutions of the Farm Credit* System under this subchapter or title IV of the Agricultural Credit Act of 1987 as resulting in a change of ownership of any property owned by any of such merging or consolidating institutions, for purposes of any law of such State or political subdivision providing for reassessment of property on the occurrence of a change of ownership or imposing a tax on the ownership or transfer of property.
Source credit: (Pub. L. 92–181, title VII, § 7.14, as added Pub. L. 100–399, title IV, § 408(u), Aug. 17, 1988, 102 Stat. 1003.)
- 1988Enacted · Pub. L. 92-181 · 102 Stat. 1003
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-08-17.
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