§ 3019. Taxation by State, county, etc., taxing authority; Federal tax status
(a)
The Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income shall be exempt from taxation now or hereafter imposed by any State, county, municipality, or local taxing authority, but any real property held by the Bank shall be subject to any State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
(b)
Notwithstanding any other provision of law, for purposes of subchapter
T of chapter
1 of title
26—
(1)
the Bank shall be treated as a corporation operating on the cooperative basis within the meaning of section
1381
(a)(2) of title
26;
(2)
the term “patronage dividend”, as defined in section
1388
(a) of title
26 includes, only as such section applies to the Bank, any patronage refunds in the form of class B or class C stock or allocated surplus that are distributed or set aside by the Bank pursuant to section
3014
(i) of this title;
(3)
the terms “written notice of allocation” and “qualified written notices of allocation”, as defined in sections
1388
(b) and (c) of title
26, include (to the extent of par value), only as such sections apply to the Bank, any class B or class C stock distributed by the Bank pursuant to section
3014
(i) of this title and shall also include any allocated surplus set aside by the Bank pursuant to section
3014
(i) of this title;