U.S. Code » Title 12 » Chapter CHAPTER 11— FEDERAL HOME LOAN BANKS

12 U.S.C. § 1433

Exemption from taxation; obligations acceptable as credit on debt of home owner

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Any and all notes, debentures, bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, 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, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. The bank, including its franchise, its capital, reserves, and surplus, its advances, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority; except that in 11 So in original. Word “in” probably should not appear. any real property of the bank shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. The notes, debentures, and bonds issued by any bank, with unearned coupons attached, shall be accepted at par by such bank in payment of or as a credit against the obligation of any home-owner debtor of such bank.

Notes of Decisions
Cited in 20 cases, 1937–2017 · leading case: Fid. Fed. Sav. & Loan Ass'n v. De La Cuesta, 458 U.S. 141 (1982).
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Fid. Fed. Sav. & Loan Ass'n v. De La Cuesta, 458 U.S. 141 (1982). · cites it 2× “§ 13 of the Federal Home Loan Bank Act, 12 U. S. C. § 1433 (exempting Federal Home Loan Bank bonds from taxation).”
Town of Middleborough v. Hous. Appeals Comm., 449 Mass. 514 (Mass. 2007). · cites it 2× “See 12 U.S.C. § 1433 (2000). The Appeals Court thus reasoned that developers would receive a government benefit from a New England Fund loan in the form of tax exemptions to the FHLBB and its member banks that led to loans at reduced interest rates to entities such as Delphic.”
State Dep't of Assessments & Taxation v. Maryland Nat'l Bank, 531 A.2d 294 (Md. 1987). · cites it 6× “735 , now codified as 12 U.S.C. § 1433 . Section 1433 reads as follows: Any and all notes, debentures, bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, shall be exempt both as to principal and interest from all…”
First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 392 U.S. 339 (1968). · cites it 2× “§ 1111 ; Federal Home Loan Bank, 12 U. S. C. § 1433 ; federal savings and loan associations, 12 U.”
Roxborough Manayunk Fed. Sav. & Loan Ass'n v. Commonwealth, 687 A.2d 1202 (Pa. Commw. Ct. 1997). · cites it 8× “Additionally, obligations of the FHLB are specifically exempted in the Federal Home Loan Bank Act, at 12 U.S.C. § 1433 : Any and all notes, debentures, bonds, and other such obligations issued by any [FHLB], and consolidated Federal Home Loan Bank bonds and debentures, shall be…”
Laurens Fed. Sav. & Loan Ass'n v. South Carolina Tax Comm'n, 365 U.S. 517 (1961). · cites it 2× “” 12 U. S. C. § 1433 . (Emphasis supplied.) The Supreme Court of South Carolina affirmed the judgment upholding the State’s taxing power, basing its affirmance on two grounds.”
Oakland Cnty. v. Fed. Hous. Fin. Agency, 871 F. Supp. 2d 662 (E.D. Mich. 2012). “719 , citing 12 U.S.C. § 1433 . The issue was whether “advances,” or loans, secured by promissory notes, were subject to a state documentary stamp tax.”
Phipps v. Comm'r of Internal Revenue, 91 F.2d 627 (10th Cir. 1937). · cites it 2× “522 [ 12 U.S.C.A. § 1433 and note]), reads in part as follows: Sec.”
Hudson Valley Fed. Credit Union v. New York State Dep't of Taxation & Fin., 980 N.E.2d 473 (NY 2012). · cites it 2× “As we have noted, section 1768 of the FCUA falls to incorporate similar termino1ogy~ Consequently, *11 these Supreme Court cases are not controlling in determining congressional intent related to the FCUA.”
Ass'n of Data Processing Serv. Organizations, Inc., & United Data Processing, Inc. v. Fed. Home Loan Bank Bd., 568 F.2d 478 (6th Cir. 1977). “12 U.S.C. § 1433 (1970). The Board *481 also operates and directs the Federal Savings and Loan Insurance Corporation, an independent federal agency insuring savings accounts of all federal savings and loan associations and of certain state savings and loan associations.”
First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 229 N.E.2d 245 (Mass. 1967). “§ 931 (1964) (Federal land bank associations); 12 U.S.C. § 1433 (1964) (Federal home loan banks); 12 U.”
Cnty. of St. Louis v. Fed. Land Bank of St. Paul, 338 N.W.2d 741 (Minn. 1983). “, 12 U.S.C. §§ 1433 (Federal Home Loan Banks) and 1825 (Federal Deposit Insurance Corp.”
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