§ 2023. — 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: 12USC2023]
TITLE 12--BANKS AND BANKING
CHAPTER 23--FARM CREDIT SYSTEM
SUBCHAPTER I--FARM CREDIT BANKS
Sec. 2023. Taxation
The Farm Credit Banks and the capital, reserves, and surplus
thereof, and the income derived therefrom, shall be exempt from Federal,
State, municipal, and local taxation, except taxes on real estate held
by a Farm Credit Bank to the same extent, according to its value, as
other similar property held by other persons is taxed. The mortgages
held by the Farm Credit Banks and the notes, bonds, debentures, and
other obligations issued by the banks shall be considered and held to be
instrumentalities of the United States and, as such, they and the income
therefrom shall be exempt from all Federal, State, municipal, and local
taxation, other than Federal income tax liability of the holder thereof
under the Public Debt Act of 1941 (31 U.S.C. 3124).
(Pub. L. 92-181, title I, Sec. 1.15, as added Pub. L. 100-233, title IV,
Sec. 401, Jan. 6, 1988, 101 Stat. 1629; amended Pub. L. 100-399, title
IV, Sec. 401(l), Aug. 17, 1988, 102 Stat. 997.)
Prior Provisions
A prior section 1.15 of Pub. L. 92-181 was classified to section
2033 of this title prior to the general amendment of this subchapter by
Pub. L. 100-233, Sec. 401.
A prior section 2031, Pub. L. 92-181, title I, Sec. 1.13, Dec. 10,
1971, 85 Stat. 587; Pub. L. 99-205, title II, Sec. 205(d)(4), Dec. 23,
1985, 99 Stat. 1703; Pub. L. 100-233, title VIII, Sec. 802(e), Jan. 6,
1988, 101 Stat. 1710, related to organizations, articles, and charters
of Federal land bank associations, and powers of Farm Credit
Administration, prior to the general amendment of this subchapter by
Pub. L. 100-233, Sec. 401. See section 2011 of this title.
A prior section 2032, Pub. L. 92-181, title I, Sec. 1.14, Dec. 10,
1971, 85 Stat. 587, related to board of directors, prior to the general
amendment of this subchapter by Pub. L. 100-233, Sec. 401. See section
2012 of this title.
A prior section 2033, Pub. L. 92-181, title I, Sec. 1.15, Dec. 10,
1971, 85 Stat. 587; Pub. L. 96-592, title I, Sec. 110, Dec. 24, 1980, 94
Stat. 3439; Pub. L. 99-205, title II, Sec. 205(d)(5), Dec. 23, 1985, 99
Stat. 1704; Pub. L. 100-233, title VII, Sec. 705(b), title VIII,
Sec. 805(b), Jan. 6, 1988, 101 Stat. 1707, 1715; Pub. L. 100-399, title
VI, Sec. 604, title VII, Sec. 702(a), Aug. 17, 1988, 102 Stat. 1006,
related to general corporate powers, prior to the general amendment of
this subchapter by Pub. L. 100-233, Sec. 401. See section 2013 of this
title.
A prior section 2034, Pub. L. 92-181, title I, Sec. 1.16, Dec. 10,
1971, 85 Stat. 589; Pub. L. 96-592, title I, Sec. 111, Dec. 24, 1980, 94
Stat. 3439; Pub. L. 99-205, title III, Sec. 304(a), Dec. 23, 1985, 99
Stat. 1708, related to association stock, value of shares, voting, and
purchase, prior to the general amendment of this subchapter by Pub. L.
100-233, Sec. 401.
A prior section 2051, Pub. L. 92-181, title I, Sec. 1.17, Dec. 10,
1971, 85 Stat. 589; Pub. L. 96-592, title I, Sec. 112, Dec. 24, 1980, 94
Stat. 3439; Pub. L. 99-205, title II, Sec. 205(d)(6), title VI,
Sec. 602, Dec. 23, 1985, 99 Stat. 1704, 1711; Pub. L. 100-233, title
VIII, Sec. 802(f), Jan. 6, 1988, 101 Stat. 1711, related to land bank
reserves, dividends, and patronage refunds, prior to the general
amendment of this subchapter by Pub. L. 100-233, Sec. 401.
A prior section 2052, Pub. L. 92-181, title I, Sec. 1.18, Dec. 10,
1971, 85 Stat. 589; Pub. L. 96-592, title I, Sec. 113, Dec. 24, 1980, 94
Stat. 3439; Pub. L. 99-205, title VI, Sec. 603, Dec. 23, 1985, 99 Stat.
1711; Pub. L. 100-233, title VIII, Sec. 802(g), Jan. 6, 1988, 101 Stat.
1711, related to association reserves, dividends, and patronage refunds,
prior to the general amendment of this subchapter by Pub. L. 100-233,
Sec. 401.
A prior section 2053, Pub. L. 92-181, title I, Sec. 1.19, Dec. 10,
1971, 85 Stat. 590; Pub. L. 96-592, title I, Sec. 114, Dec. 24, 1980, 94
Stat. 3439, related to agreements for sharing gains or losses, prior to
the general amendment of this subchapter by Pub. L. 100-233, Sec. 401.
A prior section 2054, Pub. L. 92-181, title I, Sec. 1.20, Dec. 10,
1971, 85 Stat. 590; Pub. L. 96-592, title I, Sec. 115, Dec. 24, 1980, 94
Stat. 3439; Pub. L. 99-205, title II, Sec. 205(d)(7), Dec. 23, 1985, 99
Stat. 1704; Pub. L. 100-233, title VIII, Sec. 805(c), Jan. 6, 1988, 101
Stat. 1715, related to liens on stock and participation certificates,
prior to the general amendment of this subchapter by Pub. L. 100-233,
Sec. 401.
A prior section 2055, Pub. L. 92-181, title I, Sec. 1.21, Dec. 10,
1971, 85 Stat. 590; Pub. L. 100-399, title IX, Sec. 901(a), Aug. 17,
1988, 102 Stat. 1007, related to tax exempt status, prior to the general
amendment of this subchapter by Pub. L. 100-233, Sec. 401. See section
2023 of this title.
Amendments
1988--Pub. L. 100-399 inserted a comma after ``therefrom'' and
substituted ``3124'' for ``742(a)''.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100-399 effective immediately after amendment
made by section 401 of Pub. L. 100-233, which was effective 6 months
after Jan. 6, 1988, see section 1001(b) of Pub. L. 100-399, set out as a
note under section 2002 of this title.
Section Referred to in Other Sections
This section is referred to in section 2214 of this title.
