Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2013
Sales and Use Tax Annotations
560.0000 UNITED STATES, SALE BY—"SURPLUS PROPERTY"
560.0235 Tax Liability of F.D.I.C.-Operated Banks. Federal law exempts the Federal Deposit Insurance Corporation (F.D.I.C.) from all state and local taxes, except ad valorem property taxes, and from all penalties or fines. However, where the F.D.I.C. acts as a receiver for a bank, it is required to pay all valid obligations of the insured depository institution. Therefore, it is proper for the Board to accept tax payments from the F.D.I.C. on continuing leases which predate the receivership. These payments represent the continuing obligation of the bank to collect and remit use tax on the leases, and are not a tax imposed on the F.D.I.C. Penalties and interest for late filing or payments are not authorized. 8/17/93.