{"identifier":"/us/usc/t12/s1795k","title":12,"num":"\u00a7\u202f1795k.","heading":"State and local tax exemption","text":"\u00a7\u202f1795k.\nState and local tax exemption\n(a)\nFranchise, activities, etc., of Central Liquidity Facility; exception\nThe Central Liquidity Facility, and its franchise, activities, capital reserves, surplus, and income, shall be exempt from all State and local taxation now or hereafter imposed, other than taxes on real property held by the Facility (to the same extent, according to its value, as other similar property held by other persons is taxed).\n(b)\nNotes, bonds, debentures and other obligations of Central Liquidity Facility; exceptions\n(1) Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facility and the income therefrom shall be exempt from all State and local taxation now or hereafter imposed.\n(2) Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.\n(c)\n\u201cState\u201d defined; tax status\nFor purposes of this section\u2014\n(1) the term \u201cState\u201d includes the District of Columbia; and\n(2) taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.","url":"https://projectusc.org/usc/t12/s1795k.html","content":[{"t":"sec","id":"/us/usc/t12/s1795k","children":[{"t":"num","text":"\u00a7\u202f1795k."},{"t":"heading","text":"State and local tax exemption"},{"t":"subsec","id":"/us/usc/t12/s1795k/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Franchise, activities, etc., of Central Liquidity Facility; exception"},{"t":"content","children":[{"t":"p","text":"The Central Liquidity Facility, and its franchise, activities, capital reserves, surplus, and income, shall be exempt from all State and local taxation now or hereafter imposed, other than taxes on real property held by the Facility (to the same extent, according to its value, as other similar property held by other persons is taxed).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s1795k/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Notes, bonds, debentures and other obligations of Central Liquidity Facility; exceptions"},{"t":"para","id":"/us/usc/t12/s1795k/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facility and the income therefrom shall be exempt from all State and local taxation now or hereafter imposed.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1795k/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s1795k/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"\u201cState\u201d defined; tax status"},{"t":"chapeau","text":"For purposes of this section\u2014"},{"t":"para","id":"/us/usc/t12/s1795k/c/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the term \u201cState\u201d includes the District of Columbia; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1795k/c/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}