§ 1511. — Tax exemption.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1511]
TITLE 7--AGRICULTURE
CHAPTER 36--CROP INSURANCE
Sec. 1511. Tax exemption
The Corporation, including its franchise, its capital, reserves, and
surplus, and its income and property, shall be exempt from all taxation
on or after February 16, 1938, imposed by the United States or by any
Territory, dependency, or possession thereof, or by any State, county,
municipality, or local taxing authority. A contract of insurance of the
Corporation, and a contract of insurance reinsured by the Corporation,
shall be exempt from taxation imposed by any State, municipality, or
local taxing authority.
(Feb. 16, 1938, ch. 30, title V, Sec. 511, 52 Stat. 75; Pub. L. 103-354,
title I, Sec. 108, Oct. 13, 1994, 108 Stat. 3197.)
Amendments
1994--Pub. L. 103-354 inserted at end ``A contract of insurance of
the Corporation, and a contract of insurance reinsured by the
Corporation, shall be exempt from taxation imposed by any State,
municipality, or local taxing authority.''
Effective Date of 1994 Amendment
Amendment by Pub. L. 103-354 effective Oct. 13, 1994, and applicable
to provision of crop insurance under Federal Crop Insurance Act (7
U.S.C. 1501 et seq.) beginning with 1995 crop year, with such Act, as in
effect on the day before Oct. 13, 1994, to continue to apply with
respect to 1994 crop year, see section 120 of Pub. L. 103-354, set out
as a note under section 1502 of this title.
Transfer of Functions
Administration of program of Federal Crop Insurance Corporation
transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3,
Sec. 501, eff. July 16, 1946, 11 F.R. 7877, 60 Stat. 1100. See note set
out under section 1503 of this title.
Wartime consolidation of Federal Crop Insurance Corporation into
Agricultural Conservation and Adjustment Administration, see note set
out under section 1503 of this title.
