§ 2290. — Exemptions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2290]
TITLE 12--BANKS AND BANKING
CHAPTER 24--FEDERAL FINANCING BANK
Sec. 2290. Exemptions
(a) Federal, State, and local taxes
The Bank, its property, its franchise, capital, reserves, surplus,
security holdings, and other funds, and its income shall be exempt from
all taxation now or hereafter imposed by the United States or by any
State or local taxing authority; except that (1) any real property and
any tangible personal property of the Bank shall be subject to Federal,
State, and local taxation to the same extent according to its value as
other such property is taxed, and (2) any obligations issued by the Bank
shall be subject to Federal taxation to the same extent as the
obligations of private corporations are taxed.
(b) Exempt securities
All obligations issued by the Bank pursuant to this chapter shall be
deemed to be exempted securities within the meaning of sections
77c(a)(2), 77ddd(a)(4), and 78c(a)(12) of title 15.
(c) Budget status of Federal agencies; restrictions
Nothing herein shall affect the budget status of the Federal
agencies selling obligations to the Bank under section 2285(a) of this
title, or the method of budget accounting for their transactions. The
receipts and disbursements of the Bank in the discharge of its functions
shall not be included in the totals of the budget of the United States
Government and shall be exempt from any general limitation imposed by
statute on expenditures and net lending (budget outlays) of the United
States.
(Pub. L. 93-224, Sec. 11, Dec. 29, 1973, 87 Stat. 940.)
