View all text of Subchapter III [§ 1795 - § 1795k]
§ 1795k. State and local tax exemption
(a) Franchise, activities, etc., of Central Liquidity Facility; exception
(b) Notes, bonds, debentures and other obligations of Central Liquidity Facility; exceptions
(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.
(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.
(c) “State” defined; tax status
For purposes of this section—
(1) the term “State” includes the District of Columbia; and
(2) taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.
(June 26, 1934, ch. 750, title III, § 312, as added Pub. L. 98–369, div. B, title VIII, § 2813(a)(2), July 18, 1984, 98 Stat. 1206.)