§ 1984. — Taxation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1984]
TITLE 7--AGRICULTURE
CHAPTER 50--AGRICULTURAL CREDIT
SUBCHAPTER IV--ADMINISTRATIVE PROVISIONS
Sec. 1984. Taxation
All property subject to a lien held by the United States or the
title to which is acquired or held by the Secretary under this chapter
other than property used for administrative purposes shall be subject to
taxation by State, territory, district, and local political subdivisions
in the same manner and to the same extent as other property is taxed:
Provided, however, That no tax shall be imposed or collected on or with
respect to any instrument if the tax is based on--
(1) the value of any notes or mortgages or other lien
instruments held by or transferred to the Secretary;
(2) any notes or lien instruments administered under this
chapter which are made, assigned, or held by a person otherwise
liable for such tax; or
(3) the value of any property conveyed or transferred to the
Secretary,
whether as a tax on the instrument, the privilege of conveying or
transferring or the recordation thereof; nor shall the failure to pay or
collect any such tax be a ground for refusal to record or file such
instruments, or for failure to impart notice, or prevent the enforcement
of its provisions in any State or Federal court.
(Pub. L. 87-128, title III, Sec. 334, Aug. 8, 1961, 75 Stat. 315.)
References in Text
For definition of ``this chapter'', referred to in text, see note
set out under section 1921 of this title.
Section Referred to in Other Sections
This section is referred to in title 25 section 492.
