12 U.S.C. § 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.
Notes of Decisions
Cited in 13
cases, 1995–2013 · leading case: State v. Farm Credit Servs. of Cent. Ark., 994 S.W.2d 453 (Ark. 1999).
State v. Farm Credit Servs. of Cent. Ark., 994 S.W.2d 453 (Ark. 1999). “) 316 (1819), and its progeny, rather than upon 12 U.S.C. § 2077 , a statutory exemption from federal and state taxation granted by Congress.”
Arkansas v. Farm Credit Servs. of Cent. Arkansas, 520 U.S. 821 (1997). “” 12 U.S.C. §2077 . Four PCA’s, respondents here, brought suit in the United States District Court for the Eastern District of Arkansas claiming a tax exemption going beyond the express statutory language of § 2077.”
Dir. of Revenue of Missouri v. CoBank ACB, 531 U.S. 316 (2001). “Since the statutory history and provisions regarding the taxation of production credit associations and banks for cooperatives are virtually identical, compare 12 U. S. C. §2077 with §2134; compare Farm Credit Act of 1971, §2.”
Indiana Dep't of State Revenue v. Farm Credit Servs. of Mid-Am., 734 N.E.2d 551 (Ind. 2000). “12 U.S.C.A. § 2077 (West 1989). [15] Both PCAs and FLBAs are privately owned and controlled.”
Comptroller of the Treasury v. Colonial Farm Credit, ACA, 918 A.2d 514 (Md. Ct. Spec. App. 2007). “12 U.S.C.A. § 2077 . *179 FLBAs and PCAs can merge under 12 U.”
Farm Credit Servs. of Cent. Arkansas, PCA v. Arkansas, 76 F.3d 961 (8th Cir. 1996). “§ 2077 states: 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 2 that PCAs resemble private…”
Farm Credit Servs. of Mid-Am. v. Indiana Dep't of State Revenue, 677 N.E.2d 645 (Ind. T.C. 1997). “12 U.S.C. § 2077 (West 1989). Similarly, an FLBA is designated as "a federally chartered instrumentality of the United States,” 12 U.”
Nw. La Prod. Credit v. State, 746 So. 2d 280 (La. Ct. App. 1999). “" 12 U.S.C. § 2077 (1989). "Each production credit association shall continue as a Federally chartered instrumentality of the United States.”
Prod. Credit Ass'n v. Taxation & Revenue Dep't, 999 P.2d 1031 (N.M. Ct. App. 2000). “”); 12 U.S.C. § 2077 (“Each production credit association and its obligations are instrumentalities of the United States____”).”
Jefferson Cnty. v. Acker, 137 F.3d 1314 (11th Cir. 1998). “” See 12 U.S.C. § 2077 (1994). In Farm Credit Services , four PCAs sued the state of Arkansas in federal district court, claiming immunity not only from the taxes explicitly designated in § 2077, but from Arkansas sales and income taxes as well.”
Cnty. of Genesee v. Greenstone Farm Credit Servs., ACA, 968 F. Supp. 2d 860 (E.D. Mich. 2013). “That argument is ungrounded, because it is undisputed that PCAs (unlike FLCAs) are subject to federal income tax on the income derived from their short-term lending activities under 12 U.S.C. § 2077 . United States v. Farm Credit Services of Fargo, ACA 1998 WL 1776582 , at *1 (D.”
Jefferson Cnty. v. Acker (11th Cir. 1995). “" See 12 U.S.C. § 2077 (1994). In Farm Credit Services, four PCAs sued the state of Arkansas in federal district court, claiming immunity not only from the taxes explicitly designated in § 2077, but from Arkansas sales and income taxes as well.”
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