Texas Attorney General Opinion: WW-458A Page: 1 of 5
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THE ATToRNEY GENERAL
IF TEXAS
AIJa''IN 1i. TEiXAI
June 27,
This Opin ion
Overrults i tnzn1958
Honorable Robert S. Calvert
Comptroller of Public Accounts
Capitol Station
Austin, Texas
Dear Mr. Calvert:Opinion No. WW-458A
Re: Whether or not an
interest owned by the
Federal Land Bank of
Houston, in production
of oil, is subject to-
the production tax
provided for by Arti-
cle 7057a, V.C.S. and
the regulation pipe
line tax provided for
by Article 6032, V.C.S.Opinion No. WW-458, dated June 19, 1958, on the above-
captioned matter, is withdrawn and the following opinion
substituted therefor.
You submit the following question:
Whether or not an interest owned by the Federal
Land Bank of Houston, in production of oil, is
subject to the production tax provided for by
Article 7057a, Vernon's Civil Statutes, and the
regulation pipe line tax provided for by Article
6032, V.C.S.
You advise us that the royalty interest here involved was
reserved by the Federal Land Bank in the sale of property
which it had acquired by foreclosure.
The answer to your question depends upon the construction
that should be given to certain Federal statutes pertaining
to taxation and exemptions therefrom and the powers conferred
upon Federal Land Banks by Congress. For example, Section 931,
Volume 12 of the United States Code Annotated deals with their
taxation. It is as follows:
"Every Federal land bank and every national farm loan
association, including the capital and reserve or furplus
therein and the income derived therefrom, shall be :exempt
from Federal, State, municipal, and local taxation, ex-
cept taxes upon real estate held, purchased, or taken by
said bank or association under the provisions of sec-IWINJa VILSbrON
Afuovxal ofGNUcantALNi
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Texas. Attorney-General's Office. Texas Attorney General Opinion: WW-458A, text, June 27, 1958; (https://texashistory.unt.edu/ark:/67531/metapth267069/m1/1/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.