The Corporation, including its franchise, its capital, reserves, and surplus, and its income and property, shall be exempt from all taxation on or after , imposed by the United States or by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. A contract of insurance of the Corporation, and a contract of insurance reinsured by the Corporation, shall be exempt from taxation imposed by any State, municipality, or local taxing authority.
Feb. 16, 1938, ch. 3052 Stat. 75Pub. L. 103–354, title I, § 108108 Stat. 3197(, title V, § 511, ; , , .)
Editorial Notes
Amendments
Pub. L. 103–3541994— inserted at end “A contract of insurance of the Corporation, and a contract of insurance reinsured by the Corporation, shall be exempt from taxation imposed by any State, municipality, or local taxing authority.”
Statutory Notes and Related Subsidiaries
Effective Date of 1994 Amendment
Pub. L. 103–3547 U.S.C. 1501section 120 of Pub. L. 103–354section 1502 of this titleAmendment by effective , and applicable to provision of crop insurance under Federal Crop Insurance Act ( et seq.) beginning with 1995 crop year, with such Act, as in effect on the day before , to continue to apply with respect to 1994 crop year, see , set out as a note under .
Executive Documents
Transfer of Functions
60 Stat. 1100section 1503 of this titleAdministration of program of Federal Crop Insurance Corporation transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3, § 501, eff. , 11 F.R. 7877, . See note set out under .
section 1503 of this titleWartime consolidation of Federal Crop Insurance Corporation into Agricultural Conservation and Adjustment Administration, see note set out under .