2013 US Code
Title 7 - Agriculture
Chapter 36 - CROP INSURANCE (§§ 1501 - 1531)
Subchapter I - FEDERAL CROP INSURANCE (§§ 1501 - 1524)
Section 1511 - Tax exemption
| Publication Title | United States Code, 2012 Edition, Supplement 1, Title 7 - AGRICULTURE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 7 - AGRICULTURE CHAPTER 36 - CROP INSURANCE SUBCHAPTER I - FEDERAL CROP INSURANCE Sec. 1511 - Tax exemption |
| Contains | section 1511 |
| Date | 2013 |
| Laws in Effect as of Date | January 16, 2014 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Feb. 16, 1938, ch. 30, title V, §511, 52 Stat. 75; Pub. L. 103-354, title I, §108, Oct. 13, 1994, 108 Stat. 3197. |
| Statutes at Large References | 52 Stat. 75 60 Stat. 1100 108 Stat. 3197 |
| Public Law References | Public Law 103-354 |
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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.
(Feb. 16, 1938, ch. 30, title V, §511, 52 Stat. 75; Pub. L. 103–354, title I, §108, Oct. 13, 1994, 108 Stat. 3197.)
AMENDMENTS1994—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."
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.
TRANSFER OF FUNCTIONSAdministration 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.
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