Title 12, Banks and BankingRelease 119-102
§531 Exemption From Taxation
Title 12 › CHAPTER 4 — TAXATION › SUBCHAPTER I — FEDERAL RESERVE BANKS › § 531
Summary
Federal Reserve banks are tax-exempt, except they must pay real estate taxes.
Full Legal Text
Title 12, §531
Banks and Banking, Source: USLM XML via OLRC
Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of subsec. (c) [formerly third undesignated par.] of section 7 of act Dec. 23, 1913. Subsec. (a) of section 7 and subsec. (b) [enacted by Pub. L. 106–113, div. B, § 1000(a)(5) [title III, § 302(2)], Nov. 29, 1999, 113 Stat. 1536, 1501A–304] of section 7 are classified to section 289 of this title. Another subsec. (b) of section 7 is classified to section 290 of this title.
Amendments
1993—Pub. L. 103–66 inserted section catchline.
Reference
Citations & Metadata
Citation
12 U.S.C. § 531
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102