12 U.S.C. § 2290 : US Code - Section 2290: Exemptions

Search 12 U.S.C. § 2290 : US Code - Section 2290: Exemptions

(a) Federal, State, and local taxes
The Bank, its property, its franchise, capital, reserves,
surplus, security holdings, and other funds, and its income shall
be exempt from all taxation now or hereafter imposed by the United
States or by any State or local taxing authority; except that (1)
any real property and any tangible personal property of the Bank
shall be subject to Federal, State, and local taxation to the same
extent according to its value as other such property is taxed, and
(2) any obligations issued by the Bank shall be subject to Federal
taxation to the same extent as the obligations of private
corporations are taxed.
(b) Exempt securities
All obligations issued by the Bank pursuant to this chapter shall
be deemed to be exempted securities within the meaning of sections
77c(a)(2), 77ddd(a)(4), and 78c(a)(12) of title 15.
(c) Budget status of Federal agencies; restrictions
Nothing herein shall affect the budget status of the Federal
agencies selling obligations to the Bank under section 2285(a) of
this title, or the method of budget accounting for their
transactions. The receipts and disbursements of the Bank in the
discharge of its functions shall not be included in the totals of
the budget of the United States Government and shall be exempt from
any general limitation imposed by statute on expenditures and net
lending (budget outlays) of the United States.