§ 531. — Exemption from taxation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC531]
TITLE 12--BANKS AND BANKING
CHAPTER 4--TAXATION
SUBCHAPTER I--FEDERAL RESERVE BANKS
Sec. 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.
(Dec. 23, 1913, ch. 6, Sec. 7(c), 38 Stat. 258; Mar. 3, 1919, ch. 101,
Sec. 1, 40 Stat. 1314; Pub. L. 103-66, title III, Sec. 3002(c)(2), Aug.
10, 1993, 107 Stat. 338.)
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, Sec. 1000(a)(5) [title
III, Sec. 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.
Section Referred to in Other Sections
This section is referred to in title 26 section 140.
