7 U.S. Code § 1511 - Tax exemption

The Corporation, including its franchise, its capital, reserves, and surplus, and its income and property, shall be exempt from all taxation on or after February 16, 1938, imposed by the United States or by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. A contract of insurance of the Corporation, and a contract of insurance reinsured by the Corporation, shall be exempt from taxation imposed by any State, municipality, or local taxing authority.

Source

(Feb. 16, 1938, ch. 30, title V, § 511,52 Stat. 75; Pub. L. 103–354, title I, § 108,Oct. 13, 1994, 108 Stat. 3197.)
Amendments

1994—Pub. L. 103–354inserted at end “A contract of insurance of the Corporation, and a contract of insurance reinsured by the Corporation, shall be exempt from taxation imposed by any State, municipality, or local taxing authority.”
Effective Date of 1994 Amendment

Amendment by Pub. L. 103–354effective Oct. 13, 1994, and applicable to provision of crop insurance under Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) beginning with 1995 crop year, with such Act, as in effect on the day before Oct. 13, 1994, to continue to apply with respect to 1994 crop year, see section 120 ofPub. L. 103–354, set out as a note under section 1502 of this title.
Transfer of Functions

Administration of program of Federal Crop Insurance Corporation transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3, § 501, eff. July 16, 1946, 11 F.R. 7877, 60 Stat. 1100. See note set out under section 1503 of this title.
Wartime consolidation of Federal Crop Insurance Corporation into Agricultural Conservation and Adjustment Administration, see note set out under section 1503 of this title.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

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7 CFR - Agriculture

7 CFR Part 15 - NONDISCRIMINATION

7 CFR Part 400 - GENERAL ADMINISTRATIVE REGULATIONS

7 CFR Part 718 - PROVISIONS APPLICABLE TO MULTIPLE PROGRAMS

48 CFR - Federal Acquisition Regulations System

48 CFR Part 6102 - CROP INSURANCE CASES

 

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