Title 7 — Agriculture
Chapter 50 — Agricultural Credit
§ 1984. Taxation
Statutory text
All property subject to a lien held by the United States or the title to which is acquired or held by the Secretary under this chapter other than property used for administrative purposes shall be subject to taxation by State, territory, district, and local political subdivisions in the same manner and to the same extent as other property is taxed: Provided, however, That no tax shall be imposed or collected on or with respect to any instrument if the tax is based on—
the value of any notes or mortgages or other lien instruments held by or transferred to the Secretary;
any notes or lien instruments administered under this chapter which are made, assigned, or held by a person otherwise liable for such tax; or
the value of any property conveyed or transferred to the Secretary,
whether as a tax on the instrument, the privilege of conveying or transferring or the recordation thereof; nor shall the failure to pay or collect any such tax be a ground for refusal to record or file such instruments, or for failure to impart notice, or prevent the enforcement of its provisions in any State or Federal court.
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.
Agricultural Act of 1961
Pub. L. 87–128 title III § 334 · 75 Stat. 294
Enacted · 7 U.S.C. § 1984
(Pub. L. 87–128, title III, § 334, Aug. 8, 1961, 75 Stat. 315.)
Source evidence
Code source credit
(Pub. L. 87–128, title III, § 334, Aug. 8, 1961, 75 Stat. 315.)Enacted provision · exact public law section
Sec. 334. All property subject to a lien held by the United States Taxes. or the title to which is acquired or held by the Secretary under this title other than property used for administrative purposes shall be subject to taxation by State, territory, district, and local political subdivisions in the same manner and to the same extent as other property is taxed: Provided, however, That no tax shall be imposed or collected on or with respect to any instrument if the tax is based on— (1) the value of any notes or mortgages or other lien instruments held by or transferred to the Secretary; (2) any notes or lien instruments administered under this title which are made, assigned, or held by a person otherwise liable for such tax; or (3) the value of any property conveyed or transferred to the Secretary, whether as a tax on the instrument, the privilege of conveying or transferring or the recordation thereof; nor shall the failure to pay or collect any such tax be a ground for refusal to record or file such instruments, or for failure to impart notice, or prevent the enforcement of its provisions in any State or Federal court.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
This chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, , 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.