Exemption from taxation
12 U.S.C. § 531
in effectFederal 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.
Source: OLRC USLMURL: https://uscode.house.gov/download/releasepoints/us/pl/119/95/xml_usc12@119-95.zipFetched: 6/3/2026
