Tax status; tort liability

(a) Tax status The University and the franchise, capital, reserves, income, and property of the University shall be exempt from all taxation now or hereafter imposed by the United States, by any Indian Tribe, or by any State or political subdivision thereof. (b) Tort liability (1) In general The University shall be subject to liability relating to tort claims only to the extent a Federal agency is subject to such liability under chapter 171 of title 28, United States Code. (2) Treatment as Federal agency For purposes of chapter 171 of title 28, United States Code, the University shall be treated as a Federal agency (within the meaning of section 2671 of that title). (3) President For purposes of chapter 171 of title 28, United States Code, the President of the University shall be deemed the head of the Federal agency described in paragraph (2).