12 USC § 531 - Exemption from taxation

---
identifier: "/us/usc/t12/s531"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 531 - Exemption from taxation"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "531"
section_name: "Exemption from taxation"
chapter_number: 4
chapter_name: "TAXATION"
subchapter_number: "I"
subchapter_name: "FEDERAL RESERVE BANKS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 7(c), 38 Stat. 258; Mar. 3, 1919, ch. 101, § 1, 40 Stat. 1314; Pub. L. 103–66, title III, § 3002(c)(2), Aug. 10, 1993, 107 Stat. 338.)"
---


# § 531. Exemption from taxation

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.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 7(c), 38 Stat. 258; Mar. 3, 1919, ch. 101, § 1, 40 Stat. 1314; Pub. L. 103–66, title III, § 3002(c)(2), Aug. 10, 1993, 107 Stat. 338.)

## Editorial Notes

### Codification

Section is comprised of subsec. (c) [formerly third undesignated par.] of section 7 of act . Subsec. (a) of section 7 and subsec. (b) [enacted by , , , 1501A–304] of section 7 are classified to . Another subsec. (b) of section 7 is classified to .

### Amendments

1993— inserted section catchline.