Title 12 — Banks and Banking
Chapter 4 — Taxation
§ 531. Exemption from taxation
Statutory text
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
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 63–6 § 7(c) · 38 Stat. 103
Enacted · 12 U.S.C. § 531
Dec. 23, 1913, ch. 6, § 7(c), 38 Stat. 258
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 7(c), 38 Stat. 258Enacted provision · exact public law section
Sec. 5. That for the purposes of this Act the arbitrators herein provided for, or either of them, shall have power to administer oaths and affirmations, sign subpoenas, require the attendance and testimony of witnesses, and the production of such books, papers, contracts, agreements, and documents material to a just determination of the matters under investigation as may be ordered by the court; and may invoke the aid of the United States courts to compel witnesses to attend and testify and to produce such books, papers, contracts, agreements, and documents to the same extent and under the Vol. 24, p. 383; Vol. 25, p. 858; Vol. 26, p. 743. same conditions and penalties as is provided for in the Act to regulate commerce, approved February fourth, eighteen hundred and eighty-seven, and the amendments thereto.Omnibus Budget Reconciliation Act of 1993
Pub. L. 103–66 title III § 3002(c)(2) · 107 Stat. 312
Inserted · 12 U.S.C. § 531
Pub. L. 103–66 inserted section catchline
Source evidence
Code amendment note
Pub. L. 103–66 inserted section catchline.Enacted provision · exact public law section
(2) The last undesignated paragraph of section 7 of the Federal Reserve Act (12 U.S.C. 531) is amended by striking “Federal reserve banks” and inserting “(c) Exemption From Taxation.—Federal reserve banks”.
2 of 2 references resolved to an enrolled provision
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 Pub. L. 106–113, div. B, § 1000(a)(5) [title III, § 302(2)], , 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.
Credits
1913–1993 · 3 acts
- 1913Dec. 23, 1913, ch. 6, § 7(c), 38 Stat. 258
- 1919Mar. 3, 1919, ch. 101, § 1, 40 Stat. 1314
- 1993Pub. L. 103–66, title III, § 3002(c)(2), , 107 Stat. 338.
Show as published
(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), , 107 Stat. 338.)