State and local tax exemption

12 U.S.C. § 1795k
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
(a) Franchise, activities, etc., of Central Liquidity Facility; exceptionThe Central Liquidity Facility, and its franchise, 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 obligations of Central Liquidity Facility; exceptions(1) Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facility and the income therefrom shall be exempt from all State and local taxation now or hereafter imposed. (2) Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes. (c) “State” defined; tax statusFor purposes of this section—(1) the term “State” includes the District of Columbia; and (2) taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.

Starting a business? Corpus forms LLCs in all 50 states and DC.

12 U.S.C. § 1795k — State and local tax exemption | United States Code | Corpus