Title 12 — Banks and Banking
Chapter 14 — Federal Credit Unions
§ 1768. Taxation
Statutory text
The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Federal credit union is located; but the duty or burden of collecting or enforcing the payment of such a tax shall not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 73–750 · 48 Stat. 1216
Enacted · 12 U.S.C. § 1768
June 26, 1934, ch. 750, title I, § 122, formerly § 18, 48 Stat. 1222
Source evidence
Code source credit
June 26, 1934, ch. 750, title I, § 122, formerly § 18, 48 Stat. 1222Pub. L. 86–354 § 1 · 73 Stat. 628
Substituted · 12 U.S.C. § 1768
Pub. L. 86–354 substituted “but” for “Provided, however, That”
Inserted · 12 U.S.C. § 1768
Pub. L. 86–354 inserted “a” before “tax”
Source evidence
Code amendment note
Pub. L. 86–354 substituted “but” for “Provided, however, That” and inserted “a” before “tax”.
0 of 3 references resolved to an enrolled provision · 3 partial
Editorial Notes
Amendments1937–1959 · 2 rounds
1959
Pub. L. 86–354 substituted “but” for “Provided, however, That” and inserted “a” before “tax”.
1937
Act , inserted tax exemption provision, the real and tangible personal property proviso, provided that responsibility of tax collection would not be imposed upon Federal credit unions, and that tax rate would not exceed that of domestic credit unions.
Credits
1934–1970 · 4 acts
- 1934June 26, 1934, ch. 750, title I, § 122, formerly § 18, 48 Stat. 1222
- 1937Dec. 6, 1937, ch. 3, § 4, 51 Stat. 4
- 1959renumbered § 23 and amended Pub. L. 86–354, § 1, , 73 Stat. 637
- 1970renumbered title I, § 122, Pub. L. 91–468, § 1(2), , 84 Stat. 994.
Show as published
(June 26, 1934, ch. 750, title I, § 122, formerly § 18, 48 Stat. 1222; Dec. 6, 1937, ch. 3, § 4, 51 Stat. 4; renumbered § 23 and amended Pub. L. 86–354, § 1, , 73 Stat. 637; renumbered title I, § 122, Pub. L. 91–468, § 1(2), , 84 Stat. 994.)