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. § 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. 93–224, § 11, Dec. 29, 1973, 87 Stat. 940.)