2 U.S.C. § 161 — Tax exemption of gifts, etc., to Library of Congress
submitted 101 years ago by ch. 423 to r/title-2-THE-CONGRESS · 40 words · no verdicts yet
Gifts, bequests, and devises to the Library of Congress are exempt from federal taxes. This includes gifts to the Library's board. It also covers income earned from those gifts. This exemption includes taxes charged by the District of Columbia.
This section gives a tax exemption for gifts to the Library of Congress.
Gifts, bequests (gifts left by will), or devises (gifts of real estate left by will) to or for the benefit of the Library of Congress are exempt from federal taxes. This includes gifts made to the board.
The income earned from these gifts is also exempt.
The exemption covers "all Federal taxes." It specifically includes taxes levied by the District of Columbia, not just taxes imposed directly by the federal government elsewhere.
Gifts or bequests or devises to or for the benefit of the Library of Congress, including those to the board, and the income therefrom, shall be exempt from all Federal taxes, including all taxes levied by the District of Columbia.
Source credit: (Mar. 3, 1925, ch. 423, § 5, 43 Stat. 1108; Oct. 2, 1942, ch. 576, 56 Stat. 765.)
- 1925Enacted · Act of Mar. 3, 1925, ch. 423 · 43 Stat. 1108
- 1942Amended · Act of Oct. 2, 1942, ch. 576 · 56 Stat. 765
A history note hasn’t been published yet. The record shows enactment by ch. 423 on 1925-03-03.
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