OFFICE OFTHEATrORNEY GENERALOFTEXAS
AUSTIN
Bear alrt Attention,
EiQOtidII i708t Ud3&A ., provides ES lollove~
"The Federal aratlltuqions 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-
r1torlal 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
INkthingherein oimq&m3 shall prevent .hcid-
b&s in.any Feibra~ twadit union organized
hertitiUerPrWbe lnoluded in the valua-
tion of the peraqna
9 propert of tbs owncira'
'ox holders thereof in aese~81a& taxes &a-
'posed by authority of the State 6~ politlaal
aubdivfsian thereof in whhfah~
the Bedaral
oredft union is looatedl i?rovided however,
That the duty or butden 01 oollsot~n~ OX'
enforoihg~~thepayment of+euah tax ahall not
ba i~~posedupon my auoh Federal orsdit
union snd the tax shall not ex&eed the rate
of taxes imposed upon holdings in domabcio
oredit unions. .A8smendea, ,Dear6, 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, SfjlV.3. 374, 67 L, Ed. 703; the ?aqmme Ccurt of
ths Ensted Fltatesheld thdt the Federal land banks were not subject
to a 'stnilertax levied by thy Stat3 of frlabama.
Htmorabla Uherley Lookhart, Page 3
pilvatebsneiitsbn large partr Xo-o?~,etha %a%-is expreee-
ellowedto levy aertalnteml upon their propertiseb Sso-
t
Y on 1767 J&&S then a nts or the United States ror the per-
formnoo or oertalathf&P benerlolalto the Federal cm-em-
mat. Ssotloa1768 exteadlr
to than osrtaln axemptfonsfrom
stste taxation. Doubtleasth6 aongrem relt that it we ar-
fordingan exeuaptlonrrm looal taxationin an equitablepro-
portion to the sdnlosu e eotad from ruoh oonoems as agcnoies
or the UnitsdBfatear A# "pn the OWY of !mtiOnalbank6 and
,P&ral land bankswe think the aongressaoted wlthla It-8
powar in the enaotmentor Seotlon1767r we am rurtherof the
oplnlonthat the languageof that seotionforbibsthe levy ancl
oollsotlouof thle tax ea against organieatlona
ionnedunder
the FederalOrodltUnion 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