United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 14. FEDERAL CREDIT UNIONS |
SubChapter III. CENTRAL LIQUIDITY FACILITY |
§ 1795k. State and local tax exemption
Latest version.
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(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, § 312, as added Pub. L. 98–369, div. B, title VIII, § 2813(a)(2), July 18, 1984 , 98 Stat. 1206.)
Effective Date
Pub. L. 98–369, div. B, title VIII, § 2813(c),