§2290 Exemptions

Summary

Makes the Bank and most of what it owns and earns free from federal, state, and local taxes, with two limits. Land and physical things the Bank owns can be taxed like other similar property. The Bank’s debt obligations can be taxed by the federal government the same way private companies’ obligations are taxed. Treats all obligations the Bank issues as “exempted securities” under title 15, sections 77c(a)(2), 77ddd(a)(4), and 78c(a)(12). It does not change how federal agencies that sell obligations to the Bank are counted under section 2285(a). The Bank’s own receipts and payments are kept out of the U.S. Government’s budget totals and are not subject to general statutory limits on spending and net lending (budget outlays).