§ 1795k. State and local tax exemption

264 words·~1 min read·/usc/title-12/section-1795k

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.)

Connections5 cite this · traces to 2

Cited by 5 sections · top 4

U.S. Code

statute-compilations

Sec. 312
state and local tax exemption

statutes-at-large

Public Law 98–369
To provide for tax reform, and for deficit reduction

Traces to 2 documents

U.S. Code

5 references not yet in our index

June 26, 1934, ch. 750
Pub. L. 98–369, div. B, title VIII, § 2813(a)(2)
98 Stat. 1206
Pub. L. 98–369, div. B, title VIII, § 2813(c)
98 Stat. 1207

Citation graph

cites case law

§ 1795k

State and local tax exemption

Stat.×2

U.S.C.×2

Stat. Comp.×1

U.S.C.§ 1795b

U.S.C.§ 501

ActJune 26, 1934, ch. 750

Pub. L.Pub. L. 98–369, div. B, title VIII, § 2813(a)(2)

Stat.98 Stat. 1206

Pub. L.Pub. L. 98–369, div. B, title VIII, § 2813(c)

Stat.98 Stat. 1207

Cites 7Cited by 5 across 3 sources