Director of Revenue of Missouri v. Cobank Acb, As Successor to the National Bank of Cooperatives (531 U.S. 316)
U.S. Supreme Court · decided February 20, 2001 · Supreme Court Database (Spaeth)
- Citation
- 531 U.S. 316 · 121 S. Ct. 941
- Decided
- February 20, 2001
- Term
- October Term 2000
- Vote
- 9–0
- Majority author
- Justice Thomas
- Issue area
- Economic Activity
- Disposition
- Reversed and remanded
- Outcome
- Petitioning party won
- Ideological direction
- Liberal
Opinion excerpt
Justice Thomas delivered the opinion of the Court. In this case we are asked to decide whether the National Bank for Cooperatives, which Congress has designated as a federally chartered instrumentality of the United States, is exempt from state income taxation. We hold that it is not. I In the Farm Credit Act of 1933, 48 Stat. 257, as amended, 12 U. S. seq., institutions within the Farm Credit System to meet the specific credit needs of farmers. Among these institutions were banks for cooperatives, one in each of 12 farm credit districts, and a Central Bank for Cooperatives. These banks were designed to make loans to cooperative associations engaged in marketing farm products, purchasing farm supplies, or furnishing farm services. Today, the Farm Credit System includes banks for cooperatives, production credit associations, farm credit banks, and federal land bank associations. § 2002(a). By statute, each of these institutions is designated as a “federally chartered instrumentalit[y] of the United States.” §2121 (banks for cooperatives and Central Bank for Cooperatives); §2141 (National Bank for Cooperatives); §§ 2071(a) and (b)(7) (production credit associations); § 2011(a) (farm credit banks); §§ 2091(a) and (b)(4) (federal land bank associations). The Farm Credit Act also addresses the taxation of these institutions. The provision applicable to a bank for cooperatives, the…
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