Holding Company and Bank exemption from taxation

Effective for taxable years ending on or after the date of enactment of this Act, the Holding Company and the Bank, including franchises, capital, reserves, surplus, advances, and income of the Holding Company or Bank, shall be exempt from all taxation imposed by the United States and any State, county, municipal, or local taxing authority, except that any real property of the Holding Company and the Bank shall be subject to State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.