{"data":{"id":"us/31-cfr-356.32","jurisdiction":"us","citation":"31 CFR 356.32","heading":"What tax rules apply?","body":"(a) General. Securities issued under this part are subject to all applicable taxes imposed under the Internal Revenue Code of 1986, or its successor. Under section 3124 of title 31, United States Code, the securities are exempt from taxation by a State or political subdivision of a State, except for State estate or inheritance taxes and other exceptions as provided in that section.\n(b) Treasury inflation-protected securities. Special federal income tax rules for inflation-protected securities, including stripped inflation-protected principal and interest components, are set forth in Internal Revenue Service regulations.\n(c) Treasury floating rate notes. Special federal income tax rules for floating rate notes are set forth in Internal Revenue Service regulations.","path":["Title 31—Money and Finance: Treasury","Subtitle B—Regulations Relating to Money and Finance","CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY","SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE","PART 356—SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, FISCAL SERVICE SERIES NO. 1-93)","Subpart D—Miscellaneous Provisions"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-31.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:25Z","sha256":"7b4b843913bd08572816444272b870873cd7a44bd63ebdf5c28882258da49549","source_id":"us-cfr","stale":true,"prev":"us/31-cfr-356.31","next":"us/31-cfr-356.33"},"notice":"GroundRules: Original legal text. Not legal advice."}