§1511 — Title 7 Agriculture | U.S. Code

Summary

Starting February 16, 1938, the Corporation does not have to pay taxes on its business, franchise, capital, reserves, surplus, income, or property. That tax break applies to taxes from the U.S. government, any territory, dependency, or possession, and any state, county, city, or local tax authority. Insurance policies the Corporation issues, and policies it reinsures, are also exempt from state, city, or other local taxes.

Title 7, §1511

Agriculture — Source: USLM XML via OLRC

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.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1994—Pub. L. 103–354 inserted 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.”

Statutory Notes and Related Subsidiaries

Effective Date

of 1994 AmendmentAmendment by Pub. L. 103–354 effective 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 of Pub. L. 103–354, set out as a note under section 1502 of this title.

Executive Documents

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.

§1511 Tax exemption