Title 12 — Banks and Banking
Part B · Chapter 23 — Farm Credit System
§ 2098. Taxation
Statutory text
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).
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.
Farm Credit Act of 1971
Pub. L. 92–181 title II § 2 · 85 Stat. 583
Enacted · 12 U.S.C. § 2098
Pub. L. 92–181, title II, § 2.16, formerly § 2.17, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1637
Source evidence
Code source credit
Pub. L. 92–181, title II, § 2.16, formerly § 2.17, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1637Enacted provision · exact public law section
(2) Have succession until dissolved under the provisions of this Act or other Act of Congress.Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 § 401(x) · 102 Stat. 989
Substituted · 12 U.S.C. § 2098
Pub. L. 100–399, § 401(x), substituted “derived therefrom, shall” for “derived therefrom shall”
Substituted · 12 U.S.C. § 2098
Pub. L. 100–399, § 401(x), substituted “by the associations” for “by the banks”
Substituted · 12 U.S.C. § 2098
Pub. L. 100–399, § 401(x), substituted “3124” for “742(a)”
Source evidence
Code amendment note
Pub. L. 100–399, § 401(x), substituted “derived therefrom, shall” for “derived therefrom shall”, “by the associations” for “by the banks”, and “3124” for “742(a)”.Enacted provision · exact public law section
(x) Section 2.16, as so redesignated, is amended— (1) by inserting a comma after “therefrom” the first place it appears; (2) by striking out “banks” and inserting in lieu thereof “associations”; and (3) by striking out “742(a)” and inserting in lieu thereof “3124”.Effective date note
Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
4 of 4 references resolved to an enrolled provision
Editorial Notes
Prior Provisions
A prior section 2098, Pub. L. 92–181, title II, § 2.17, , 85 Stat. 602; Pub. L. 99–205, title II, § 205(e)(16), , 99 Stat. 1705; Pub. L. 100–233, title VIII, § 805(j), , 101 Stat. 1715, related to taxation, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
A prior section 2.16 of Pub. L. 92–181 was renumbered section 2.15 and is classified to section 2097 of this title.
Amendments
1988—Pub. L. 100–399, § 401(x), substituted “derived therefrom, shall” for “derived therefrom shall”, “by the associations” for “by the banks”, and “3124” for “742(a)”.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after , see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
Effective Date
Pub. L. 100–233, title IV, § 401, , 101 Stat. 1622, provided that this section is effective 6 months after .
Credits
1988 · 2 acts
- 1988Pub. L. 92–181, title II, § 2.16, formerly § 2.17, as added Pub. L. 100–233, title IV, § 401, , 101 Stat. 1637
- 1988renumbered § 2.16 and amended Pub. L. 100–399, title IV, § 401(w), (x), , 102 Stat. 999.
Show as published
(Pub. L. 92–181, title II, § 2.16, formerly § 2.17, as added Pub. L. 100–233, title IV, § 401, , 101 Stat. 1637; renumbered § 2.16 and amended Pub. L. 100–399, title IV, § 401(w), (x), , 102 Stat. 999.)