Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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S

505.0000 SALES TO THE UNITED STATES AND ITS INSTRUMEN-TALITIES—Regulation 1614

Annotation 505.0119

(a) IN GENERAL—AGENCIES QUALIFYING FOR SALES TAX EXEMPTION

505.0119 Farm Credit Banks. Farm credit banks are exempt from state taxation under Federal law (12 U.S.C. S2023). Accordingly, sales to farm credit banks are exempt from sales tax even though the Farm Credit Banks are not actually instrumentalities of the United States. Banks claiming exemption should issue exemption certificates stating that they are exempt under 12 U.S.C. 2023. 11/9/93.