12 U.S.C. § 2098
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 ).
12 U.S.C. § 2098
EDITORIAL NOTES
PRIOR PROVISIONSA prior section 2098, Pub. L. 92-181, title II, §2.17, Dec. 10, 1971, 85 Stat. 602; Pub. L. 99-205, title II, §205(e)(16), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100-233, title VIII, §805(j), Jan. 6, 1988, 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.
AMENDMENTS1988- 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 Jan. 6, 1988, see section 1001(b) of Pub. L. 100-399 set out as a note under section 2002 of this title.
EFFECTIVE DATEPub. L. 100-233, title IV, §401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.