§ 3019. Taxation by State, county, etc., taxing authority; Federal tax status

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.

1. 1978

   National Consumer Cooperative Bank Act

   Pub. L. 95–351 title I § 109 · 92 Stat. 499

   Enacted · 12 U.S.C. § 3019

   Pub. L. 95–351, title I, § 109, Aug. 20, 1978, 92 Stat. 509

   Source evidence

   Code source credit
   Pub. L. 95–351, title I, § 109, Aug. 20, 1978, 92 Stat. 509

   Enacted provision · exact public law section
   Sec. 109. taxation Until the Final Government Equity Redemption Date, 12 USC 3019. but not thereafter, the Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income shall be exempt from taxation now or hereafter imposed by any State, county, municipality, or local taxing authority, but any real property held by the Bank shall be subject to any State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.

2. 1981

   Pub. L. 97–35 title III § 392(a) · 95 Stat. 357

   1. Amended · 12 U.S.C. § 3019

      Pub. L. 97–35 designated existing provisions as subsec. (a)

   2. Struck · 12 U.S.C. § 3019

      Pub. L. 97–35 struck out applicability of Final Government Equity Redemption Date to provisions

   3. Added · 12 U.S.C. § 3019

      Pub. L. 97–35 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 97–35 designated existing provisions as subsec. (a), struck out applicability of Final Government Equity Redemption Date to provisions, and added subsec. (b).

   Enacted provision · exact public law section
   (a) Section 109 of the National Consumer Cooperative Bank Act (12 U.S.C. 3019) is amended— (1) by striking out “Until the Final Government Equity Redemption Date, but not thereafter, the Bank” and inserting in lieu thereof “(a) The Bank”; and (2) by adding at the end thereof the following: “(b) Notwithstanding any other provision of law, for purposes of 26 USC 1381. subchapter T of the Internal Revenue Code of 1954— “(1) the Bank shall be treated as a corporation operating on the cooperative basis within the meaning of section 1381(a)(2) of such Code; “(2) the term ‘patronage dividend’, as defined in section 1388(a) of such Code includes, only as such section applies to the Bank, any patronage refunds in the form of class B or class C stock or allocated surplus that are distributed or set aside by the Bank 12 USC 3014. pursuant to section 104(i) of this Act; “(3) the terms ‘written notice of allocation’ and ‘qualified written notices of allocation’, as defined in sections 1388 (b) and (c) of such Code, include (to the extent of par value), only as such sections apply to the Bank, any class B or class C stock distributed by the Bank pursuant to section 104(i) of this Act and shall also include any allocated surplus set aside by the Bank pursuant to section 104(i) of this Act; “(4) patrons of the Bank shall be deemed to have consented under section 1388(c)(2) of such Code to the inclusion in their incomes of any qualified written notices of allocation received by such patrons from the Bank; and “(5) any amounts required to be included in the incomes of patrons of the Bank with respect to class B or class C stock or allocated surplus shall be treated as earnings from business done by such patrons of the Bank with or for their own patrons.”.

   Effective date note
   Pub. L. 97–35, title III, § 392(b), Aug. 13, 1981, 95 Stat. 435, provided that: “The amendments made by subsection (a) [amending this section] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].” For definition of “Final Government Equity Redemption Date”, see section 396(a) of Pub. L. 97–35, set out as a note under section 3012 of this title.

3. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 2 · 100 Stat. 2085

   Substituted · 12 U.S.C. § 3019(b)

   Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.

   Enacted provision · exact public law section
   SEC. 2. INTERNAL REVENUE CODE OF 1986. (a) Redesignation of 1954 Code.— The Internal Revenue Title enacted August 16, 1954, as heretofore, hereby, or hereafter amended, may be cited as the “Internal Revenue Code of 1986”. (b) References in Laws, Etc.— Except when inappropriate, any reference in any law, Executive order, or other document— (1) to the Internal Revenue Code of 1954 shall include a reference to the Internal Revenue Code of 1986, and (2) to the Internal Revenue Code of 1986 shall include a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.

5 of 5 references resolved to an enrolled provision