Exemption from taxation
§ 531
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.
BANKS AND BANKING CHAPTER 4-TAXATION
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.
SUBCHAPTER I-FEDERAL RESERVE BANKS
SUBCHAPTER II-NATIONAL BANK CIRCULATION
Tax on circulating notes generally
§ 541
In lieu of all existing taxes, every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one-half of 1 per centum each half year upon the average amount of its notes in circulation.
SUBCHAPTER III-NATIONAL BANK SHARES
State taxation
§ 548
For the purposes of any tax law enacted under authority of the United States or any State, a national bank shall be treated as a bank organized and existing under the laws of the State or other jurisdiction within which its principal office is located.
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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Text of the U.S. Code 2024 Edition (govinfo), imported 2026-07-04. Amendments enacted after the 2024 Edition are not reflected. Read the official text ↗
Source: United States Code / CFR (uscode.house.gov, govinfo.gov) — U.S. federal law, public domain (17 U.S.C. § 105).
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