# § 1511. Tax exemption
February 16, 1938
The Corporation, including its franchise, its capital, reserves, and surplus, and its income and property, shall be exempt from all taxation on or after , imposed by the United States or by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. A contract of insurance of the Corporation, and a contract of insurance reinsured by the Corporation, shall be exempt from taxation imposed by any State, municipality, or local taxing authority.
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**Source Credit**: (Feb. 16, 1938, ch. 30, title V, § 511, 52 Stat. 75; Pub. L. 103–354, title I, § 108, Oct. 13, 1994, 108 Stat. 3197.)
## Editorial Notes
### Amendments
1994— inserted at end “A contract of insurance of the Corporation, and a contract of insurance reinsured by the Corporation, shall be exempt from taxation imposed by any State, municipality, or local taxing authority.”
## Statutory Notes and Related Subsidiaries
### Effective Date of 1994 Amendment
Amendment by effective , and applicable to provision of crop insurance under Federal Crop Insurance Act ( et seq.) beginning with 1995 crop year, with such Act, as in effect on the day before , to continue to apply with respect to 1994 crop year, see , set out as a note under .
## Executive Documents
### Transfer of Functions
Administration of program of Federal Crop Insurance Corporation transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3, § 501, eff. , 11 F.R. 7877, . See note set out under .
Wartime consolidation of Federal Crop Insurance Corporation into Agricultural Conservation and Adjustment Administration, see note set out under .