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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 12 U.S.C. § 1795k | State and local tax exemption | us | united_states_code | code_section | 12 | BANKS AND BANKING | 14 | FEDERAL CREDIT UNIONS | 1795k | 12 U.S.C. § 1795k | 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/s1795k | data/legal/raw/us/code/title-12/usc12.xml | 04234ed8bfa6473af18de7fe192abe0981d9c0c7bf6372dee35930dbad69123b | e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa | 7eb486e91ed6180c3459e3aa1a41969293764f4e87853a1f5836fdf5990e862a | 2026-07-04 | official |
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12 U.S.C. § 1795k - State and local tax exemption
Text
(a) Franchise, activities, etc., of Central Liquidity Facility; exception The Central Liquidity Facility, and its franchise, activities, capital reserves, surplus, and income, shall be exempt from all State and local taxation now or hereafter imposed, other than taxes on real property held by the Facility (to the same extent, according to its value, as other similar property held by other persons is taxed).
(b) Notes, bonds, debentures and other obligations of Central Liquidity Facility; exceptions (1) Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facility and the income therefrom shall be exempt from all State and local taxation now or hereafter imposed.
(2) Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.
(c) “State” defined; tax status For purposes of this section—
(1) the term “State” includes the District of Columbia; and
(2) taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.
(June 26, 1934, ch. 750, title III, § 312, as added Pub. L. 98–369, div. B, title VIII, § 2813(a)(2), July 18, 1984, 98 Stat. 1206.)
Notes
Statutory Notes and Related Subsidiaries
Effective DatePub. L. 98–369, div. B, title VIII, § 2813(c), July 18, 1984, 98 Stat. 1207, provided that: “The amendments made by this section [enacting this section and amending section 1795b of this title and section 501 of Title 26, Internal Revenue Code] shall take effect on October 1, 1979.”