Fannie, Freddie Escape Fla. County's Excise Tax Suit

Law360, New York (February 12, 2013, 5:30 PM EST) -- A Florida federal judge on Tuesday tossed Hernando County's proposed class action claiming Fannie Mae and Freddie Mac dodged property-related excise taxes, ruling the mortgage giants are exempt from state excise taxes.

U.S. District Judge Virginia Hernandez Covington sided with Fannie Mae and Freddie Mac in ruling that the language of certain exemptions in federal statutes unambiguously declare them to be “exempt from all taxation” by any state or county, and dismissed the suit with prejudice.

Fannie Mae and Freddie Mac had pointed to those exemptions...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.