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).
Notes, bonds, debentures and other obligations of Central Liquidity Facility; exceptions
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.
Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.
“State” defined; tax status
For purposes of this section—
the term “State” includes the District of Columbia; and
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. 750Pub. L. 98–369, div. B, title VIII, § 2813(a)(2)98 Stat. 1206(, title III, § 312, as added , , .)
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 98–369, div. B, title VIII, § 2813(c)98 Stat. 1207
section 1795b of this titlesection 501 of Title 26“The amendments made by this section [enacting this section and amending and , Internal Revenue Code] shall take effect on .”
, , , provided that: