Literally, an agency. Corporations organized under act of Congress are exempt from federal incomes taxes if such corporations are instrumentalities of the United States and if Congress has specifically provided for such exemption under such act. Examples are project notes issued under Section 11(b) of the United States Housing Act of 1937, as amended, and Section 102(g) of the Housing Act of 1949, as amended. Obligations of federal instrumentalities are not automatically guaranteed as to principal and interest by the United States. One example of such a guarantee is that provided for FHA debenture obligations.
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