Production credit associations, incorporated pursuant to the provisions of the act of Congress known as the Farm Credit Act of 1933, are not foreign corporations, and any such association which may become taxable by the state shall be subject to the same taxation imposed upon national banks under the provisions of this chapter, and such associations shall be exempt from all other forms of income, privilege and license taxes imposed by the state.
Ala. Code § 40-16-2
Production Credit Associations Taxable Under Chapter.
Applied in 1 court decision — leading case Farm Credit Services of Central Arkansas, PCA v. Arkansas (1996)
Most recently applied in Farm Credit Services of Central Arkansas, PCA v. Arkansas (February 1996)
(Acts 1965, No. 276, p. 390.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.