§ 3019. Taxation by State, county, etc., taxing authority; Federal tax status
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/usc/title-12/section-3019A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income shall be exempt from taxation now or hereafter imposed by any State, county, municipality, or local taxing authority, but any real property held by the Bank shall be subject to any State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
(b)Notwithstanding any other provision of law, for purposes of subchapter T of chapter 1 of title 26—
(1)the Bank shall be treated as a corporation operating on the cooperative basis within the meaning of section 1381(a)(2) of title 26;
(2)the term “patronage dividend”, as defined in section 1388(a) of title 26 includes, only as such section applies to the Bank, any patronage refunds in the form of class B or class C stock or allocated surplus that are distributed or set aside by the Bank pursuant to section 3014(i) of this title;
(3)the terms “written notice of allocation” and “qualified written notices of allocation”, as defined in sections 1388(b) and
(c)of title 26, include (to the extent of par value), only as such sections apply to the Bank, any class B or class C stock distributed by the Bank pursuant to section 3014(i) of this title and shall also include any allocated surplus set aside by the Bank pursuant to section 3014(i) of this title;
(4)patrons of the Bank shall be deemed to have consented under section 1388(c)(2) of title 26 to the inclusion in their incomes of any qualified written notices of allocation received by such patrons from the Bank; and
(5)any amounts required to be included in the incomes of patrons of the Bank with respect to class B or class C stock or allocated surplus shall be treated as earnings from business done by such patrons of the Bank with or for their own patrons.
(Pub. L. 95–351, title I, § 109, Aug. 20, 1978, 92 Stat. 509; Pub. L. 97–35, title III, § 392(a), Aug. 13, 1981, 95 Stat. 434; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.)
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statutes-at-large
- Public Law 97–35To provide for reconciliation pursuant to section 301 of the first concurrent resolution on the budget for the fiscal year 1982
- Public Law 95–351To provide for consumers a further means of minimizing the impact of inflation and economic depression by narrowing the price spread between costs to the producer and the consumer of needed goods, services, facilities, and commodities through the development and funding of specialized credit sources
11 references not yet in our index
- Pub. L. 95–351, title I, § 109
- 92 Stat. 509
- Pub. L. 97–35, title III, § 392(a)
- 95 Stat. 434
- Pub. L. 99–514, § 2
- 100 Stat. 2095
- Pub. L. 99–514
- Pub. L. 97–35
- Pub. L. 97–35, title III, § 392(b)
- 95 Stat. 435
- section 396(a) of Pub. L. 97–35
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§ 3019
Taxation by State, county, etc., taxing authority; Federal tax status
Stat.×3
Pub. L.Pub. L. 95–351, title I, § 109
Stat.92 Stat. 509
Pub. L.Pub. L. 97–35, title III, § 392(a)
Stat.95 Stat. 434
Pub. L.Pub. L. 99–514, § 2
Cites 15 · showing 9Cited by 3 across 1 source