§ 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.''