---
kind: "section"
citation: "12 U.S.C. § 531"
title: "12"
title_heading: "Banks and Banking"
number: "531"
heading: "Exemption from taxation"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/531"
units:
  - "Chapter 4 — Taxation"
  - "Subchapter I — Federal Reserve Banks"
---

# §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](/usc/12/1707.md?p=d), and local taxation, except taxes upon [real estate](/usc/12/1707.md?p=g).


## 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.)

## Notes

### 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.