U.S. Code » Title 12 » Chapter CHAPTER 23— FARM CREDIT SYSTEM › Subchapter SUBCHAPTER III— BANKS FOR COOPERATIVES › Part Part A— Banks for Cooperatives

12 U.S.C. § 2134

Taxation

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Each bank for cooperatives and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such bank 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 5 cases, 1982–2001 · leading case: Director of Revenue of Missouri v. CoBank ACB
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Director of Revenue of Missouri v. CoBank ACB (2001) scotus “1705 , as amended, 12 U. S. C. §2134 . CoBank argues that the deletion of these two sentences altered the States’ ability to tax the income of banks for cooperatives.”
First Federal Savings & Loan Ass'n v. Department of Revenue (1982) mont “§2079 (1976), 12 U.S.C. §2134 (1976) and 31 U.S.C. §769 (1976).”
Farm Credit Services of Central Arkansas, PCA v. Arkansas (1996) ca8 · cites it 2× “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…”
Director of Revenue v. CoBank ACB (2000) scotus “Certiorari granted limited to the following question: “Does 12 U. S. C. §2134 authorize States to tax the income of the National Bank for Cooperatives, a federally chartered instrumentality of the United States?””
Director of Revenue v. CoBank ACB (2000) scotus “Certiorari granted limited to the following question: “Does 12 U. S. C. §2134 authorize States to tax the income of the National Bank for Cooperatives, a federally chartered instrumentality of the United States?””
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