12 U.S.C. § 1768

Taxation

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The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Federal credit union is located; but the duty or burden of collecting or enforcing the payment of such a tax shall not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions.

Notes of Decisions

Cited in 31 cases, 1967–2020 · leading case: United States v. State of Michigan, 851 F.2d 803 (6th Cir. 1988).

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United States v. State of Michigan, 851 F.2d 803 (6th Cir. 1988). · cites it 6× “12 U.S.C. § 1768 . 1 *806 Therefore, if federal credit unions are federal instrumentalities, they are entitled to constitutional, as well as, statutory, immunity from state taxation.”

Ne. Fed. Credit Union v. Anthony J. Neves, 837 F.2d 531 (1st Cir. 1988). · cites it 4× “NEFCU contended inter alia that a federal statute, 12 U.S.C. § 1768 (1982), barred Maine from attaching the deposits.”

T I Fed. Credit Union v. DelBonis, 72 F.3d 921 (1st Cir. 1995). · cites it 2× “The court then went on to hold that the Supremacy Clause and 12 U.S.C. § 1768 immunize federal credit unions from state taxation.”

Hudson Valley Fed. Credit Union v. New York State Dep't of Taxation & Fin., 980 N.E.2d 473 (NY 2012). · cites it 7× “ontained in the FCUA, which provides that “[t]he Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any…”

California Credit Union League v. City of Anaheim, 190 F.3d 997 (9th Cir. 1999). · cites it 3× “BRUNETTI, Circuit Judge: The California Credit Union League (“League”) filed this action against the City of Anaheim (“Anaheim”) seeking a declaratory judgment that the city’s application of a transient occupancy tax to credit union employees staying in local hotels violated 12…”

First Fed. Sav. & Loan Ass'n v. Tax Comm'n, 437 U.S. 255 (1978). · cites it 2× “See 12 U. S. C. § 1768 (1976 ed.). In establishing insurance programs to protect members' deposits, Congress distinguished state and federal credit unions from state and federal savings and loan associations.”

Nat. Gas Pipeline Co. of Am. v. State Bd. of Equalization, 466 N.W.2d 461 (Neb. 1991). · cites it 2× “§ 1464 (h) (1988); and federal credit unions, 12 U.S.C. § 1768 (1988). This state's response to Leuenberger, supra, was to enact L.”

First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 229 N.E.2d 245 (Mass. 1967). · cites it 2× “§ 1723 (c) (1964) (Federal National Mortgage Association); 12 U.S.C. § 1768 (1964) (Federal credit unions); 12 U.”

TI Fed. Credit Union v. Delbonis (In Re Delbonis), 169 B.R. 1 (Bankr. D. Mass. 1994). · cites it 3× “It is exempt from taxation to the extent provided by 12 U.S.C. § 1768 . 2 2. The loan monies advanced to Debtor were not guarantied or funded under any governmental program.”

CALIFORNIA CREDIT UNION LEAGUE, Plaintiff-Appellee, v. CITY OF ANAHEIM, Defendant-Appellant, 95 F.3d 30 (9th Cir. 1996). · cites it 3× “The League successfully sought a declaratoiy judgment that the city’s application of its transient occupancy tax to credit union employees staying in local hotels violated 12 U.S.C. § 1768 . Both parties agreed before the district court that the case should be resolved by…”

United States v. Maine, 524 F. Supp. 1056 (D. Me. 1981). · cites it 3× “Section 122 of the FCUA, 12 U.S.C. § 1768 , expressly exempts federal credit unions from all taxation except nondiscriminatory taxes on real property and tangible personal property.”

La Caisse Populaire Ste. Marie (St. Mary's Bank) v. United States, 563 F.2d 505 (1st Cir. 1977). “Section 23 of the Federal Credit Union Act of 1934; 12 U.S.C. § 1768 . See 26 U.S.C. § 501 (c)(1).”

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