12 U.S.C. § 2098
Taxation
Each Federal land bank association and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Federal land bank association to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Federal land bank associations and the notes, bonds, debentures, and other obligations issued by the associations shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).
Notes of Decisions
Cited in 13
cases, 1979–2013 · leading case: Comptroller of the Treasury v. Colonial Farm Credit, ACA, 918 A.2d 514 (Md. Ct. Spec. App. 2007).
Comptroller of the Treasury v. Colonial Farm Credit, ACA, 918 A.2d 514 (Md. Ct. Spec. App. 2007). “§ 2093 , and they are exempt from federal and state income taxation, 12 U.S.C.A. § 2098 . The general purpose of PCAs is to “make, guarantee, or participate with other lenders in short- and intermediate-term loans and other similar financial assistance” to qualified…”
Don Boyster & James Shoffner v. O. R. Roden, Michael Hare & Phillip Lassiter, 628 F.2d 1121 (8th Cir. 1980). “” 12 U.S.C. § 2098 , which exempts notes, debentures and other obligations issued by production credit associations from most forms of taxation, recites that “[ejach production credit association and its obligations are instrumentalities of the United States * * * Appellants…”
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. § 2098 (West 1989). PCAs are also "[f]ederally chartered instrumentalit[ies] of the United States"; they are privately-owned, corporate financial institutions organized by ten or more farmers to provide short-term and intermediate loans to farmers.”
Matthews v. Fed. Land Bank of St. Louis, 718 S.W.2d 220 (Mo. Ct. App. 1986). “The amendments retained the language of the earlier provision, and added to another section of the 1933 Act the words: “Each production credit association ... shall continue as a federally chartered instrumentality of the United States.”
LPR Land Holdings v. Fed. Land Bank of St. Paul, 651 F. Supp. 287 (E.D. Mich. 1987). “” 12 U.S.C. § 2098 . Under these circumstances we conclude that there may be a colorable basis for jurisdiction in this case.”
Hudson Valley Fed. Credit Union v. New York State Dep't of Taxation & Fin., 980 N.E.2d 473 (NY 2012). “us(es), mortgages or other security holdings, and income” (emphasis added)]); the National Consumer Cooperative Bank Act (see 12 USC § 3019 [a] [“The Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income shall be exempt from…”
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. § 2098 (West 1989). Congress made similar provisions for both Federal Credit Banks and Banks for Cooperatives.”
Farmers Prod. Credit Ass'n v. State, 481 A.2d 18 (Vt. 1984). “See 12 U.S.C. § 2098 . Therefore, the State argues, under Reg.”
Merced Prod. Credit Ass'n v. Sparkman, 703 F.2d 1097 (9th Cir. 1983). “The amendments retained the language of the earlier provision, and added to another section of the 1933 Act the words: “Each production credit association . .. shall continue as a federally chartered instrumentality of the United States.”
Cnty. of Genesee v. Greenstone Farm Credit Servs., ACA, 968 F. Supp. 2d 860 (E.D. Mich. 2013). “12 U.S.C. § 2098 . The questions presented by this statutory immunity argument are whether the defendants are federal land bank associations, and whether the statute extends to the transfer taxes the plaintiffs have sued to collect.”
Schlake v. Beatrice Prod. Credit Ass'n, 596 F.2d 278 (8th Cir. 1979). “In granting the notes, debentures, and other obligations of the associations special tax status, Congress has declared, “Each production credit association and its obligations are instrumentalities of the United States * * * 12 U.S.C. § 2098 . Under these circumstances we…”
Farm Credit Servs. of Cent. Arkansas, PCA v. Arkansas, 76 F.3d 961 (8th Cir. 1996). “Although more than the reference to the Governor was deleted, that is a logical explanation since there were no publicly-owned PCAs in 1985 eligible to enjoy the 2 Of the other System lending institutions, Federal Land Bank Associations currently have the same exemption as Farm…”
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