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§ 1795k. —  State and local 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: 12USC1795k]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 14--FEDERAL CREDIT UNIONS
 
               SUBCHAPTER III--CENTRAL LIQUIDITY FACILITY
 
Sec. 1795k. State and local tax exemption


(a) Franchise, activities, etc., of Central Liquidity Facility; 
        exception

    The Central Liquidity Facility, and its franchise, activities, 
capital reserves, surplus, and income, shall be exempt from all State 
and local taxation now or hereafter imposed, other than taxes on real 
property held by the Facility (to the same extent, according to its 
value, as other similar property held by other persons is taxed).

(b) Notes, bonds, debentures and other obligations of Central Liquidity 
        Facility; exceptions

    (1) Except as provided in paragraph (2), the notes, bonds, 
debentures, and other obligations issued on behalf of the Central 
Liquidity Facility and the income therefrom shall be exempt from all 
State and local taxation now or hereafter imposed.
    (2) Any obligation described in paragraph (1) shall not be exempt 
from State or local gift, estate, inheritance, legacy, succession, or 
other wealth transfer taxes.

(c) ``State'' defined; tax status

    For purposes of this section--
        (1) the term ``State'' includes the District of Columbia; and
        (2) taxes imposed by counties or municipalities, or any 
    territory, dependency, or possession of the United States shall be 
    treated as local taxes.

(June 26, 1934, ch. 750, title III, Sec. 312, as added Pub. L. 98-369, 
div. B, title VIII, Sec. 2813(a)(2), July 18, 1984, 98 Stat. 1206.)


                             Effective Date

    Section 2813(c) of Pub. L. 98-369 provided that: ``The amendments 
made by this section [enacting this section and amending section 1795b 
of this title and section 501 of Title 26, Internal Revenue Code] shall 
take effect on October 1, 1979.''



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