Sec. 5.1. TAXATION

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## Sec. 5.1 TAXATION **[**[15 U.S.C. 713a–5](/us/usc/t15/s713a–5)**]** Bonds, notes, debentures, and other similar obligations issued by the Commodity Credit Corporation under the provisions of this Act 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 now or hereafter 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. 1See P.L. 7, 77th Cong., 55 Stat. 9, Feb. 19, 1941, as amended by P.L. 510, 77th Cong., 56 Stat. 190, March 28, 1942, 31 U.S.C. 742a, abolishing tax exemption for income from obligations issued or guaranteed by the United States or any agency or instrumentality thereof.

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15 USC 713a–5
55 Stat. 9
56 Stat. 190
31 USC 742a

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Sec. 5.1

TAXATION

Cite15 USC 713a–5

Stat.55 Stat. 9

Stat.56 Stat. 190

Cite31 USC 742a

Cites 4Cited by 0 across 0 sources