Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · U.S. Code · Title 12 - BANKS AND BANKING · CHAPTER 23— FARM CREDIT SYSTEM · SUBCHAPTER I— FARM CREDIT BANKS · § 2023

§ 2023. Taxation

930 words·~4 min read·/usc/title-12/section-2023

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

The Farm Credit Banks and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Farm Credit Bank to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).
(Pub. L. 92–181, title I, § 1.15, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629; amended Pub. L. 100–399, title IV, § 401(l), Aug. 17, 1988, 102 Stat. 997.)
Connections6 cite this · traces to 6
45 references not yet in our index
  • Pub. L. 92–181, title I, § 1
  • Pub. L. 100–233, title IV, § 401
  • 101 Stat. 1629
  • Pub. L. 100–399, title IV, § 401
  • 102 Stat. 997
  • Pub. L. 92–181
  • section 2033 of this title
  • Pub. L. 100–233, § 401
  • 85 Stat. 587
  • Pub. L. 99–205, title II, § 205(d)(4)
  • 99 Stat. 1703
  • Pub. L. 100–233, title VIII, § 802(e)
  • 101 Stat. 1710
  • Pub. L. 96–592, title I, § 110
  • 94 Stat. 3439
  • Pub. L. 99–205, title II, § 205(d)(5)
  • 99 Stat. 1704
  • Pub. L. 100–233, title VII, § 705(b)
  • 101 Stat. 1707
  • Pub. L. 100–399, title VI, § 604
  • 102 Stat. 1006
  • 85 Stat. 589
  • Pub. L. 96–592, title I, § 111
  • Pub. L. 99–205, title III, § 304(a)
  • 99 Stat. 1708
  • Pub. L. 96–592, title I, § 112
  • Pub. L. 99–205, title II, § 205(d)(6)
  • Pub. L. 100–233, title VIII, § 802(f)
  • 101 Stat. 1711
  • Pub. L. 96–592, title I, § 113
  • Pub. L. 99–205, title VI, § 603
  • 99 Stat. 1711
  • Pub. L. 100–233, title VIII, § 802(g)
  • 85 Stat. 590
  • Pub. L. 96–592, title I, § 114
  • Pub. L. 96–592, title I, § 115
  • Pub. L. 99–205, title II, § 205(d)(7)
  • Pub. L. 100–233, title VIII, § 805(c)
  • 101 Stat. 1715
  • Pub. L. 100–399, title IX, § 901(a)
+ 5 more
Citation graph
cites case law
§ 2023
Taxation
Fed. Reg.×2
Stat.×2
Stat. Comp.×1
U.S.C.×1
U.S.C.§ 3124
U.S.C.§ 2011
U.S.C.§ 2012
U.S.C.§ 2013
U.S.C.§ 2023
U.S.C.§ 2002
Pub. L.Pub. L. 92–181, title I, § 1
Pub. L.Pub. L. 100–233, title IV, § 401
Stat.101 Stat. 1629
Pub. L.Pub. L. 100–399, title IV, § 401
Stat.102 Stat. 997
Cites 51 · showing 11Cited by 6 across 4 sources
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.