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§ 1768. —  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: 12USC1768]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 14--FEDERAL CREDIT UNIONS
 
                    SUBCHAPTER I--GENERAL PROVISIONS
 
Sec. 1768. Taxation

    The Federal credit unions organized hereunder, their property, their 
franchises, capital, reserves, surpluses, and other funds, and their 
income shall be exempt from all taxation now or hereafter imposed by the 
United States or by any State, Territorial, or local taxing authority; 
except that any real property and any tangible personal property of such 
Federal credit unions shall be subject to Federal, State, Territorial, 
and local taxation to the same extent as other similar property is 
taxed. Nothing herein contained shall prevent holdings in any Federal 
credit union organized hereunder from being included in the valuation of 
the personal property of the owners or holders thereof in assessing 
taxes imposed by authority of the State or political subdivision thereof 
in which the Federal credit union is located; but the duty or burden of 
collecting or enforcing the payment of such a tax shall not be imposed 
upon any such Federal credit union and the tax shall not exceed the rate 
of taxes imposed upon holdings in domestic credit unions.

(June 26, 1934, ch. 750, title I, Sec. 122, formerly Sec. 18, 48 Stat. 
1222; Dec. 6, 1937, ch. 3, Sec. 4, 51 Stat. 4; renumbered Sec. 23 and 
amended Pub. L. 86-354, Sec. 1, Sept. 22, 1959, 73 Stat. 637; renumbered 
title I, Sec. 122, Pub. L. 91-468, Sec. 1(2), Oct. 19, 1970, 84 Stat. 
994.)


                               Amendments

    1959--Pub. L. 86-354 substituted ``but'' for ``Provided, however, 
That'' and inserted ``a'' before ``tax''.
    1937--Act Dec. 6, 1937, inserted tax exemption provision, the real 
and tangible personal property proviso, provided that responsibility of 
tax collection would not be imposed upon Federal credit unions, and that 
tax rate would not exceed that of domestic credit unions.



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