17 NCAC 07B .4205 FEDERAL CREDIT UNIONS AND THE FARM CREDIT SYSTEM

(a) Federal Credit Unions: Sales of tangible personal property to federal credit unions organized under the Federal Credit Union Act, 12 U.S.C. 1751 et seq., are exempt from North Carolina sales and use tax. See 12 U.S.C. 1768.

(b) The Farm Credit System: The Farm Credit System, 12 U.S.C 2001 et seq., includes the Farm Credit Banks, the Federal land bank associations, the production credit associations, the banks for cooperatives, and such other institutions as may be made part of the System, all of which are chartered by and subject to the regulation of the Farm Credit Administration.

(1) Sales of tangible personal property to Farm Credit Banks and Federal land banks are exempt from North Carolina sales and use tax. See 12 U.S.C. 2023 and 2098.

(2) Sales of tangible personal property to production credit associations and banks for cooperatives for use or consumption are subject to the applicable statutory state and local sales or use tax. See 12 U.S.C. 2077 and 2134.

 

History Note: Authority G.S. 105‑164.13; 105-262; 105‑264; Article 39; Article 40; Article 42; Article 43; Article 44;

Eff. February 1, 1976;

Amended Eff. September 1, 2006; November 1, 1995; January 1, 1995; January 3, 1984.