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31 U.S.C. § 3124 — Exemption from taxation
Federal law — U.S. Code and appendices · legal_authorities
**(a)** Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax, except—
(1) a nondiscriminatory franchise tax or another nonproperty tax instead of a franchise tax, imposed on a corporation; and
(2) an estate or inheritance tax.
**(b)** The tax status of interest on obligations and dividends, earnings, or other income from evidences of ownership issued by the Government or an agency and the tax treatment of gain and loss from the disposition of those obligations and evidences of ownership is decided under the Internal Revenue Code of 1986 ([26 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) et seq.). An obligation that the Federal Housing Administration had agreed, under a contract made before March 1, 1941, to issue at a future date, has the tax exemption privileges provided by the authorizing law at the time of the contract. This subsection does not apply to obligations and evidences of ownership issued by the District of Columbia, a territory or possession of the United States, or a department, agency, instrumentality, or political subdivision of the District, territory, or possession.
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Source file: Laws/federal/codes/united-states-code/title-31/section-3124-exemption-from-taxation--4099b328f3.md
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Source location: Title 31, Chapter 31, § 3124; chapter-031-public-debt.md
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**(a)** Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax, except—
(1) a nondiscriminatory franchise tax or another nonproperty tax instead of a franchise tax, imposed on a corporation; and
(2) an estate or inheritance tax.
**(b)** The tax status of interest on obligations and dividends, earnings, or other income from evidences of ownership issued by the Government or an agency and the tax treatment of gain and loss from the disposition of those obligations and evidences of ownership is decided under the Internal Revenue Code of 1986 ([26 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) et seq.). An obligation that the Federal Housing Administration had agreed, under a contract made before March 1, 1941, to issue at a future date, has the tax exemption privileges provided by the authorizing law at the time of the contract. This subsection does not apply to obligations and evidences of ownership issued by the District of Columbia, a territory or possession of the United States, or a department, agency, instrumentality, or political subdivision of the District, territory, or possession.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of Corporation** There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.
**(b) Asset disposition division**
(1) **Establishment** — The Corporation shall have a separate division of asset disposition.
(2) **Management** — The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.
(3) **Responsibilities of division** — The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1811
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Federal law — U.S. Code and appendices · legal_authorities
The 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 ([31 U.S.C. 3124](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3124&num=0&edition=prelim)).
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Federal law — U.S. Code and appendices · legal_authorities
Each Federal land bank association 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 Federal land bank association to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Federal land bank associations and the notes, bonds, debentures, and other obligations issued by the associations 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 ([31 U.S.C. 3124](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3124&num=0&edition=prelim)).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The Congress hereby declares that it is the purpose of this section (1) to establish a private corporation which will be financed by private capital and which will serve as a secondary market and warehousing facility for student loans, including loans which are insured by the Secretary under this part or by a guaranty agency, and which will provide liquidity for student loan investments; (2) in order to facilitate secured transactions involving student loans, to provide for perfection of security interests in student loans either through the taking of possession or by notice filing; and (3) to assure nationwide the establishment of adequate loan insurance programs for students, to provide for an additional program of loan insurance to be covered by agreements with the Secretary.
**(b) Establishment**
(1) **In general** — There is hereby created a body corporate to be known as the Student Loan Marketing Association (hereinafter referred to as the “Association”). The Association shall have succession until dissolved. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue and jurisdiction in civil actions, to be a resident and citizen thereof. Offices may be established by the Association in such other place or places as it may deem necessary or appropriate for the conduct of its business.
(2) **Exemption from State and local taxes** — The Association, including its franchise, capital, reserves, surplus, mortgages, or other security holdings, and income shall be exempt from all taxation now or hereafter imposed by any State, territory, possession, Commonwealth, or dependency of the United States, or by the District of Columbia, or by any county, municipality, or local taxing authority, except that an
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1087–2
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Federal law — U.S. Code and appendices · legal_authorities
Page 25
TITLE 26—INTERNAL REVENUE CODE
§ 1
1 Section catchline amended by Pub. L. 95–30 without cor-
responding amendment of analysis.
2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A),
Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi-
ronmental tax’’.
1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103
Stat. 1980, repealed Pub. L. 100–360, § 111, and provided
that the provisions of law amended by such section are
restored or revived as if such section had not been en-
acted, see 1988 Amendment note below.
1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102
Stat. 697, added part VIII ‘‘Supplemental medicare pre-
mium’’.
1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986,
100 Stat. 1771, added part VII.
1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976,
90 Stat. 1792, struck out part V ‘‘Tax surcharge’’.
1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969,
83 Stat. 585, added part VI.
1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82
Stat. 259, added part V.
PART I—TAX ON INDIVIDUALS
Sec.
1.
Tax imposed.
2.
Definitions and special rules.
3.
Tax tables for individuals having taxable in-
come of less than $20,000.1
[4.
Repealed.]
5.
Cross references relating to tax on individ-
uals.
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90
Stat. 1559, substituted ‘‘Tax tables for individuals hav-
ing taxable income of less than $20,000’’ for ‘‘Optional
tax tables for individuals’’ in item 3 and struck out
item 4 relating to rules for optional tax.
1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969,
83 Stat. 685, substituted ‘‘Definitions and special rules’’
and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in
case of joint return or return
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
Page 229
TITLE 31—MONEY AND FINANCE
§ 3124
in a foreign currency stated in the bond, note, or
certificate. The Secretary may dispose of the
bonds, notes, and certificates at a price that is
at least par value without complying with sec-
tion 3102(b)–(d) of this title.
(2) In determining the dollar amount of bonds,
notes, and certificates of indebtedness that may
be issued under this chapter, the dollar equiva-
lent of the amount of bonds, notes, and certifi-
cates payable in a foreign currency is deter-
mined by the par of the exchange value on the
date of issue of the bonds, notes, or certificates
as published by the Secretary under section 5151
of this title.
(3) The Secretary may designate depositaries
in foreign countries in which any part of the
proceeds of bonds, notes, or certificates of in-
debtedness payable in the foreign currency may
be deposited.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 945.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
3123(a) .....
31:731.
R.S. § 3693.
31:753(d)(2d sen-
tence).
Sept. 24, 1917, ch. 56, 40 Stat.
288,
§ 18(d)(2d
sentence);
added Mar. 3, 1919, ch. 100,
§ 1, 40 Stat. 1310.
31:768(words before
semicolon).
Feb. 4, 1910, ch. 25, § 1(words
before semicolon), 36 Stat.
192.
3123(b) .....
31:732.
R.S. § 3698.
31:733(words before
semicolon).
R.S. § 3699(words before semi-
colon);
restated
Jan.
30,
1934, ch. 6, § 9, 48 Stat. 341.
3123(c) .....
31:766.
Sept. 24, 1917, ch. 56, 40 Stat.
288, § 16; added Apr. 4, 1918,
ch. 44, § 6, 40 Stat. 505; Nov.
13, 1966, Pub. L. 89–809, § 401,
80 Stat. 1590.
In subsection (a), the words ‘‘legal tender’’ are sub-
stituted for ‘‘in coin or its equivalent’’ in 31:731 and
‘‘gold coin of the present standard of
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 3124
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