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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 2290 Exemptions us united_states_code code_section 12 BANKS AND BANKING 24 FEDERAL FINANCING BANK 2290 12 U.S.C. § 2290 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s2290 data/legal/raw/us/code/title-12/usc12.xml 2db6f77a5f275c11e8f5b59401639337b2a5b99bbc6dc5cb139573f1e0b4efd0 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 59308f66b7c8ee308658888452b14930ae0a5bfcd6f7cbf3678ceeead7b11757 2026-07-04 official
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12 U.S.C. § 2290 - Exemptions

Text

(a) Federal, State, and local taxes The Bank, its property, its franchise, capital, reserves, surplus, security holdings, and other funds, and its income shall be exempt from all taxation now or hereafter imposed by the United States or by any State or local taxing authority; except that (1) any real property and any tangible personal property of the Bank shall be subject to Federal, State, and local taxation to the same extent according to its value as other such property is taxed, and (2) any obligations issued by the Bank shall be subject to Federal taxation to the same extent as the obligations of private corporations are taxed.

(b) Exempt securities All obligations issued by the Bank pursuant to this chapter shall be deemed to be exempted securities within the meaning of sections 77c(a)(2), 77ddd(a)(4), and 78c(a)(12) of title 15.

(c) Budget status of Federal agencies; restrictions Nothing herein shall affect the budget status of the Federal agencies selling obligations to the Bank under section 2285(a) of this title, or the method of budget accounting for their transactions. The receipts and disbursements of the Bank in the discharge of its functions shall not be included in the totals of the budget of the United States Government and shall be exempt from any general limitation imposed by statute on expenditures and net lending (budget outlays) of the United States.

(Pub. L. 93224, § 11, Dec. 29, 1973, 87 Stat. 940.)