Exemption of Federal Farm Loan Bonds from Taxation: Hearings, Sixty-sixth Congress, Second Session on S. 3109. January 10, 12 and 13, 1920

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U.S. Government Printing Office, 1920 - 141 Seiten
 

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Seite 6 - That every Federal land bank and every national farm loan association, including the capital and reserve or surplus therein and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation...
Seite 6 - First mortgages executed to Federal land banks, or to joint stock land banks, and farm loan bonds issued under the provisions of this Act, shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation.
Seite 119 - River, said loan being secured by mortgage on north half of the southwest quarter and the northeast quarter of the southwest quarter of section 30, township 139 north range 28 West, Cass County, Minn., the interest rate being 6 per cent.
Seite 6 - Nothing herein shall prevent all the shares In any association from being included in the valuation of the personal property of the owner or holder of such shares in assessing taxes Imposed by authority of the state withiu which the association is located...
Seite 6 - A BILL To amend section 26 of the act approved July 17, 1916, known as the Federal farm loan act. Be it enacted by the Senate and House of Representatives of the United Slates of Amfricn in Congress assembled, That section 26 of the act of Contrress approved July 17, 1916, known as the Federal farm loan act, be amended to read as follows: "Sec.
Seite 6 - ... state upon the shares of any of the associations authorized by this act shall not exceed the rate imposed upon the shares in any of the banks organized under authority of the state where such association is located : Provided, also, That nothing in this act shall exempt the real estate of associations from either state, county, or municipal taxes to the same extent, according to its value, as other real estate is taxed.
Seite 7 - It is as important that financial machinery be provided to supply the demand of farmers for credit as it is that the banking and currency systems be reformed in the interest of general business. Therefore, we recommend and urge an authoritative investigation of agricultural credit societies and...
Seite 37 - An act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create government depositories and financial agents for the United States, and for other purposes.
Seite 7 - ... of general business. Therefore we recommend and urge an authoritative investigation of agricultural credit societies and corporations in other countries, and the passage of State and Federal laws for the establishment and capable supervision of...
Seite 113 - By far the most conspicuous evil of tax exemption is that it completely upsets the purpose of graduated taxes. In the first place, it enables those with property incomes to escape the burden of progressive rates, thereby causing the burden to be shifted to others less able to pay. Suppose, for example. that a married person without dependent children receives a yearly net income of $50.000 (after paying State taxes) from real estate valued at $1,000,000.

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