§ 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.