12 U.S.C. § 2077

Current through P.L. 118-59 (published on www.congress.gov on 05/07/2024)

Section 2077 - Taxation

Each production credit association and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such associations shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or any State, territorial, or local taxing authority, except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder.

12 U.S.C. § 2077

Pub. L. 92-181, title II, §2.7, formerly §2.6, as added Pub. L. 100-233, title IV, §401, Jan. 6, 1988, 101 Stat. 1633; amended Pub. L. 100-399, title IV, §401(r), Aug. 17, 1988, 102 Stat. 998; renumbered §2.7, Pub. L. 101-624, title XVIII, §1833(1), Nov. 28, 1990, 104 Stat. 3832.

EDITORIAL NOTES

PRIOR PROVISIONSA prior section 2077, Pub. L. 92-181, title II, §2.6, Dec. 10, 1971, 85 Stat. 595; Pub. L. 96-592, title II, §206, Dec. 24, 1980, 94 Stat. 3442; Pub. L. 99-205, title II, §205(e)(7), (8), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100-233, title VIII, §§802(k), 805(f), Jan. 6, 1988, 101 Stat. 1711, 1715, related to net earnings, prior to the general amendment of this subchapter by Pub. L. 100-233, §401.A prior section 2078, Pub. L. 92-181, title II, §2.7, Dec. 10, 1971, 85 Stat. 597; Pub. L. 99-205, title II, §205(e)(9), Dec. 23, 1985, 99 Stat. 1704, related to distribution of assets on liquidation, prior to the general amendment of this subchapter by Pub. L. 100-233, §401. A prior section 2079, Pub. L. 92-181, title II, §2.8, Dec. 10, 1971, 85 Stat. 597; Pub. L. 100-399, title IX, §901(a), Aug. 17, 1988, 102 Stat. 1007, related to taxation, prior to the general amendment of this subchapter by Pub. L. 100-233, §401.

AMENDMENTS1988- Pub. L. 100-399 substituted "interest," for "interest" and inserted ", except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder".

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.

credit

The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.