§ 713a-5. — Exemption of Commodity Credit Corporation and its obligations from 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: 15USC713a-5]
TITLE 15--COMMERCE AND TRADE
CHAPTER 15--ECONOMIC RECOVERY
SUBCHAPTER I--GENERALLY
Sec. 713a-5. Exemption of Commodity Credit Corporation and its
obligations from taxation
Bonds, notes, debentures, and other similar obligations issued by
the Commodity Credit Corporation under the provisions of sections 713a-1
to 713a-5 of this title shall be deemed and held to be instrumentalities
of the Government of the United States, and as such they and the income
derived therefrom shall be exempt from Federal, State, municipal, and
local taxation (except surtaxes, estate, inheritance, and gift taxes).
The Commodity Credit Corporation, including its franchise, its capital,
reserves, and surplus, and its income shall be exempt from all taxation
imposed by the United States, by any Territory, dependency, or
possession thereof, or by any State, county, municipality, or local
taxing authority; except that any real property of the Commodity Credit
Corporation shall be subject to State, Territorial, county, municipal,
or local taxation to the same extent according to its value as other
real property is taxed.
(Mar. 8, 1938, ch. 44, Sec. 5, 52 Stat. 108.)
References in Text
Sections 713a-1 to 713a-5, referred to in text, was in the original
``this Act''. Section 1 and 2 of that act, set out as sections 713a-1
and 713a-2 of this title, have been repealed and section 3 of that act,
set out as section 713a-3 of this title, has been omitted.
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of
Agriculture from transfer of functions to Secretary of Agriculture by
Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions
note set out under section 712a of this title.
