---
kind: "section"
citation: "12 U.S.C. § 2277a–12"
title: "12"
title_heading: "Banks and Banking"
number: "2277a–12"
heading: "Exemption from taxation"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2277a-12"
units:
  - "Chapter 23 — Farm Credit System"
  - "Subchapter V — Farm Credit Administration Organization"
  - "Part E — Farm Credit System Insurance Corporation"
---

# §2277a–12. Exemption from taxation


Notwithstanding any other provision of law, the [Corporation](/usc/12/2277a.md?p=2), including its franchise, and its capital, reserves, surplus, and income, shall be exempt from all taxation imposed by the United States, or by any [State](/usc/12/2277a.md?p=5), county, municipality, or local taxing authority, except that any real property of the [Corporation](/usc/12/2277a.md?p=2) shall be subject to [State](/usc/12/2277a.md?p=5), county, municipal, and local taxation to the same extent according to its value as other real property is taxed.


## Source credit

(Pub. L. 92–181, title V, § 5.63, as added Pub. L. 100–233, title III, § 302, Jan. 6, 1988, 101 Stat. 1618.)