Case Information
*1 OFFICE OFTHEATrORNEY GENERALOFTEXAS
AUSTIN Attention,
Bear alrt *2 i708t Ud3&A ., provides ES lollove~ EiQOtidII
"The Federal aratllt uqions ergaaized hersun~sr,, their property, their franohlee~p, oagital, rsastisu bu~pluaes, and other
fuudrr, rnd their hmm shall be em@
f%mi all taxation now or hareeftor~ iiup~oaed b the Vnfted States QT by any State, Ter- r torlal 1 or looal taxing authorityt 8x-
oept that tiy raal property an6 any tan&ble pereonal property of euah Federal ore&it
union8 shall be subjeet to Federal, State, TbrritWial., and lOsal ta%cAion to the same extent as other similar proparty is taxwl
INkthing herein oimq&m3 shall prevent .hcid- b&s in.any Feibra~ twadit union organized
hertitiUer PrWbe lnoluded in the valua- tion of the peraqna propert of tbs owncira' 9 'ox holders thereof in aese~8 a& taxes &a-
'posed by authority of the State 6~ politlaal
aubdivfsian thereof in whhfah~ the Bedaral oredft union is looatedl i?rovided however, That duty or butden 01 oollsot~n~ OX'
enforoihg~~the payment of+ euah tax ahall not ba i~~posed upon my auoh Federal orsdit
union snd the tax shall not ex&eed the rate of taxes imposed upon holdings in domabcio oredit unions. .A8 smendea, ,Dear 6, 1937,
0. 3, E 4, 51 Stat.*
K8 haoe expraseed the opinion that mortgages taken by nationat banks are not aubjeot to th4 tax levied by the statute. Opinion Xo, 0-W74r And, in tba daaa ol' Fadaral Land Rank vsb ~rosland, Sfjl V.3. 374, 67 L, Ed. 703; the ?aqmme Ccurt of ths Ensted Fltates held thdt the Federal land banks were not subject to a 'stniler tax levied by thy Stat3 of frlabama.
Htmorabla Uherley Lookhart, Page Xo-o?~,etha %a%-is expreee-
pilvate bsneiits bn large partr ellowed to levy aertaln teml upon their propertiseb Sso- t on 1767 J&&S then a nts or the United States ror the per- Y
formnoo or oertala th f&P benerlolal to the Federal cm-em- mat. Ssotloa 1768 exteadlr to than osrtaln axemptfons from stste taxation. Doubtleas th6 aongrem relt that it we ar- fording an exeuaptlon rrm looal taxation in an equitable pro- portion to sdnlosu e eotad from ruoh oonoems as agcnoies or the Unitsd Bfatear "p A# n the OWY of !mtiOnal bank6 and ,P&ral land banks we think the aongress aoted wlthla It-8 powar in the enaotment or Seotlon 1767r we am rurther of the oplnlon that the language of that seotion forbibs the levy ancl oollsotlou of thle tax ea against organieatlona ionned under the Federal Orodlt Union Aotr Your question is anmered in the negatloe.
Your8 very truly A'R%RlQETaEKERAL OFTEXAB BY mmll i%ewl* ASh3tant AT’T’RQVRD OPImO~ aa?@.mTm By /e/ B.W.B., Chairman