12 U.S.C. § 1795k — State and local tax exemption

Page 956 TITLE 12—BANKS AND BANKING § 1795k § 1795k. State and local tax exemption (a) Franchise, activities, etc., of Central Liquid- ity Facility; exception The Central Liquidity Facility, and its fran- chise, 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). (b) Notes, bonds, debentures and other obliga- tions of Central Liquidity Facility; excep- tions (1) Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facil- ity and the income therefrom shall be exempt from all State and local taxation now or here- after imposed. (2) Any obligation described in paragraph (1) shall not be exempt from State or local gift, es- tate, inheritance, legacy, succession, or other wealth transfer taxes. (c) ‘‘State’’ defined; tax status For purposes of this section— (1) the term ‘‘State’’ includes the District of Columbia; and (2) taxes imposed by counties or municipali- ties, or any territory, dependency, or posses- sion of the United States shall be treated as local taxes. (June 26, 1934, ch. 750, title III, § 312, as added Pub. L. 98–369, div. B, title VIII, § 2813(a)(2), July 18, 1984, 98 Stat. 1206.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 98–369, div. B, title VIII, § 2813(c), July 18, 1984, 98 Stat. 1207, provided that: ‘‘The amendments made by this section [enacting this section and amending sec- tion 1795b of this title and section 501 of Title 26, Inter- nal Revenue Code] shall take effect on October 1, 1979.’’ CHAPTER 15—FEDERAL LOAN AGENCY §§ 1801 to 1805. Omitted Editorial Notes CODIFICATION Sections, acts Feb. 24, 1945, ch. 4, §§ 1, 2, 4, 5, 59 Stat. 5, 6; Apr. 25, 1945, ch. 95, title I, 59 Stat. 81, related to the Federal Loan Agency which was established by Reorg. Plan No. I of 1939, § 402, set out in the Appendix to Title 5, Government Organization and Employees, and continued as an independent establishment of the Government by act Feb. 24, 1945, ch. 4, 59 Stat. 5, and was abolished by section 204 of act June 30, 1947, ch. 166, title II, 61 Stat. 208, and its property and records were transferred to the Reconstruction Finance Corporation. By act June 24, 1954, ch. 410, § 2(a), 68 Stat. 320, section 609 of Title 15, Commerce and Trade, the Secretary of the Treasury was authorized to liquidate the Recon- struction Finance Corporation. Section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957, 22 F.R. 4633, 71 Stat. 647, set out as a note under section 601 of Title 15, Com- merce and Trade, abolished the Reconstruction Fi- nance Corporation. CHAPTER 16—FEDERAL DEPOSIT INSURANCE CORPORATION Sec. 1811. Federal Deposit Insurance Corporation. Sec. 1812. Management. 1813. Definitions. 1814. Insured depository institutions. 1815. Deposit insurance. 1816. Factors to be considered. 1817. Assessments. 1818. Termination of status as insured depository institution. 1819. Corporate powers. 1820. Administration of Corporation. 1820a. Examination of investment companies. 1821. Insurance Funds. 1821a. FSLIC Resolution Fund. 1822. Corporation as receiver. 1823. Corporation monies. 1824. Borrowing authority. 1825. Issuance of notes, debentures, bonds, and other obligations; exemptions. 1826. Forms of obligations; preparation by Sec- retary of the Treasury. 1827. Reports by Corporation; audit of financial transactions; report on audits; employment of certified public accountants for audits. 1828. Regulations governing insured depository in- stitutions. 1828a. Prudential safeguards. 1828b. Interagency data sharing. 1829. Penalty for unauthorized participation by convicted individual. 1829a. Participation by State nonmember insured banks in lotteries and related activities. 1829b. Retention of records by insured depository in- stitutions. 1829c. Making online banking initiation legal and easy. 1830. Nondiscrimination. 1831. Separability of certain provisions of this chapter. 1831a. Activities of insured State banks. 1831b. Disclosures with respect to certain federally related mortgage loans. 1831c. Assuring consistent oversight of subsidiaries of holding companies. 1831d. State-chartered insured depository institu- tions and insured branches of foreign banks. 1831e. Activities of savings associations. 1831f. Brokered deposits. 1831f–1. Repealed. 1831g. Contracts between depository institutions and persons providing goods, products, or services. 1831h. Repealed. 1831i. Agency disapproval of directors and senior executive officers of insured depository in- stitutions or depository institution holding companies. 1831j. Depository institution employee protection remedy. 1831k. Reward for information leading to recoveries or civil penalties. 1831l. Coordination of risk analysis between SEC and Federal banking agencies. 1831m. Early identification of needed improvements in financial management. 1831m–1. Reports of information regarding safety and soundness of depository institutions. 1831n. Accounting objectives, standards, and re- quirements. 1831o. Prompt corrective action. 1831o–1. Source of strength. 1831p. Transferred. 1831p–1. Standards for safety and soundness. 1831q. FDIC affordable housing program. 1831r. Payments on foreign deposits prohibited. 1831r–1. Notice of branch closure. 1831s. Transferred. 1831t. Depository institutions lacking Federal de- posit insurance. 1831u. Interstate bank mergers.