Each production credit association and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such associations shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or any State, territorial, or local taxing authority, except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder.
Pub. L. 92–181, title II, § 2Pub. L. 100–233, title IV, § 401101 Stat. 1633Pub. L. 100–399, title IV, § 401(r)102 Stat. 998Pub. L. 101–624, title XVIII, § 1833(1)104 Stat. 3832(.7, formerly § 2.6, as added , , ; amended , , ; renumbered § 2.7, , , .)
Editorial Notes
Prior Provisions
Pub. L. 92–181, title II, § 285 Stat. 595Pub. L. 96–592, title II, § 20694 Stat. 3442Pub. L. 99–205, title II, § 205(e)(7)99 Stat. 1704Pub. L. 100–233, title VIII101 Stat. 1711Pub. L. 100–233, § 401A prior section 2077, .6, , ; , , ; , (8), , ; , §§ 802(k), 805(f), , , 1715, related to net earnings, prior to the general amendment of this subchapter by .
Pub. L. 92–181, title II, § 285 Stat. 597Pub. L. 99–205, title II, § 205(e)(9)99 Stat. 1704Pub. L. 100–233, § 401A prior section 2078, .7, , ; , , , related to distribution of assets on liquidation, prior to the general amendment of this subchapter by .
Pub. L. 92–181, title II, § 285 Stat. 597Pub. L. 100–399, title IX, § 901(a)102 Stat. 1007Pub. L. 100–233, § 401A prior section 2079, .8, , ; , , , related to taxation, prior to the general amendment of this subchapter by .
Amendments
Pub. L. 100–3991988— substituted “interest,” for “interest” and inserted “, except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder”.
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 .