31 U.S.C. 3124The 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 ().
Pub. L. 92–181, title I, § 1Pub. L. 100–233, title IV, § 401101 Stat. 1629Pub. L. 100–399, title IV, § 401l102 Stat. 997(.15, as added , , ; amended (), , .)
Editorial Notes
Prior Provisions
Pub. L. 92–181section 2033 of this titlePub. L. 100–233, § 401A prior section 1.15 of was classified to prior to the general amendment of this subchapter by .
Pub. L. 92–181, title I, § 185 Stat. 587Pub. L. 99–205, title II, § 205(d)(4)99 Stat. 1703Pub. L. 100–233, title VIII, § 802(e)101 Stat. 1710Pub. L. 100–233, § 401section 2011 of this titleA prior section 2031, .13, , ; , , ; , , , related to organizations, articles, and charters of Federal land bank associations, and powers of Farm Credit Administration, prior to the general amendment of this subchapter by . See .
Pub. L. 92–181, title I, § 185 Stat. 587Pub. L. 100–233, § 401section 2012 of this titleA prior section 2032, .14, , , related to board of directors, prior to the general amendment of this subchapter by . See .
Pub. L. 92–181, title I, § 185 Stat. 587Pub. L. 96–592, title I, § 11094 Stat. 3439Pub. L. 99–205, title II, § 205(d)(5)99 Stat. 1704Pub. L. 100–233, title VII, § 705(b)101 Stat. 1707Pub. L. 100–399, title VI, § 604102 Stat. 1006Pub. L. 100–233, § 401section 2013 of this titleA prior section 2033, .15, , ; , , ; , , ; , title VIII, § 805(b), , , 1715; , title VII, § 702(a), , , related to general corporate powers, prior to the general amendment of this subchapter by . See .
Pub. L. 92–181, title I, § 185 Stat. 589Pub. L. 96–592, title I, § 11194 Stat. 3439Pub. L. 99–205, title III, § 304(a)99 Stat. 1708Pub. L. 100–233, § 401A prior section 2034, .16, , ; , , ; , , , related to association stock, value of shares, voting, and purchase, prior to the general amendment of this subchapter by .
Pub. L. 92–181, title I, § 185 Stat. 589Pub. L. 96–592, title I, § 11294 Stat. 3439Pub. L. 99–205, title II, § 205(d)(6)99 Stat. 1704Pub. L. 100–233, title VIII, § 802(f)101 Stat. 1711Pub. L. 100–233, § 401A prior section 2051, .17, , ; , , ; , title VI, § 602, , , 1711; , , , related to land bank reserves, dividends, and patronage refunds, prior to the general amendment of this subchapter by .
Pub. L. 92–181, title I, § 185 Stat. 589Pub. L. 96–592, title I, § 11394 Stat. 3439Pub. L. 99–205, title VI, § 60399 Stat. 1711Pub. L. 100–233, title VIII, § 802(g)101 Stat. 1711Pub. L. 100–233, § 401A prior section 2052, .18, , ; , , ; , , ; , , , related to association reserves, dividends, and patronage refunds, prior to the general amendment of this subchapter by .
Pub. L. 92–181, title I, § 185 Stat. 590Pub. L. 96–592, title I, § 11494 Stat. 3439Pub. L. 100–233, § 401A prior section 2053, .19, , ; , , , related to agreements for sharing gains or losses, prior to the general amendment of this subchapter by .
Pub. L. 92–181, title I, § 185 Stat. 590Pub. L. 96–592, title I, § 11594 Stat. 3439Pub. L. 99–205, title II, § 205(d)(7)99 Stat. 1704Pub. L. 100–233, title VIII, § 805(c)101 Stat. 1715Pub. L. 100–233, § 401A prior section 2054, .20, , ; , , ; , , ; , , , related to liens on stock and participation certificates, prior to the general amendment of this subchapter by .
Pub. L. 92–181, title I, § 185 Stat. 590Pub. L. 100–399, title IX, § 901(a)102 Stat. 1007Pub. L. 100–233, § 401section 2023 of this titleA prior section 2055, .21, , ; , , , related to tax exempt status, prior to the general amendment of this subchapter by . See .
Amendments
Pub. L. 100–3991988— inserted a comma after “therefrom” and substituted “3124” for “742(a)”.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Pub. L. 100–399section 401 of Pub. L. 100–233section 1001(b) of Pub. L. 100–399section 2002 of this titleAmendment by effective immediately after amendment made by , which was effective 6 months after , see , set out as a note under .
Effective Date
Pub. L. 100–233, title IV, § 401101 Stat. 1622, , , provided that this section is effective 6 months after .