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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 531
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Source file: Laws/federal/codes/united-states-code/title-12/section-531-exemption-from-taxation--edfa412a17.md
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Source location: Title 12, Chapter 4, § 531; chapter-004-taxation.md
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Dividends and surplus funds of reserve banks** (1) **Stockholder dividends** (A) *Dividend amount* — After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend on paid-in capital stock of— (i) in the case of a stockholder with total consolidated assets of more than $10,000,000,000, the smaller of— (I) the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of such dividend; and (II) 6 percent; and (ii) in the case of a stockholder with total consolidated assets of $10,000,000,000 or less, 6 percent. (B) *Dividend cumulative* — The entitlement to dividends under subparagraph (A) shall be cumulative. (C) *Inflation adjustment* — The Board of Governors of the Federal Reserve System shall annually adjust the dollar amounts of total consolidated assets specified under subparagraph (A) to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis. (2) **Deposit of net earnings in surplus fund** — That portion of net earnings of each Federal reserve bank which remains after dividend claims under paragraph (1)(A) have been fully met shall be deposited in the surplus fund of the bank. (3) **Limitation on surplus funds** (A) *In general* — The aggregate amount of the surplus funds of the Federal reserve banks may not exceed $6,825,000,000. (B) *Transfer to the general fund* — Any amounts of the surplus funds of the Federal reserve banks that exceed, or would exceed, the limitation under subparagraph (A) shall be transferred to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasu
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 289
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Federal law — U.S. Code and appendices · legal_authorities
The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 290
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** For exemption of— (1) Allowances and expenditures to meet losses sustained by persons serving the United States abroad, due to appreciation of foreign currencies, see [section 5943 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5943&num=0&edition=prelim), United States Code. (2) Benefits under laws administered by the Department of Veterans Affairs, see [section 5301 of title 38](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section5301&num=0&edition=prelim), United States Code. (3) Earnings of ship contractors deposited in special reserve funds, see [section 53507 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53507&num=0&edition=prelim), United States Code. (4) Income derived from Federal Reserve banks, including capital stock and surplus, see section 7 of the Federal Reserve Act ([12 U.S.C. 531](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section531&num=0&edition=prelim)). (5) Special pensions of persons on Army and Navy medal of honor roll, see [38 U.S.C. 1562(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section1562/a&num=0&edition=prelim)–(c). **(b)** For extension of military income tax-exemption benefits to commissioned officers of Public Health Service in certain circumstances, see section 212 of the Public Health Service Act ([42 U.S.C. 213](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section213&num=0&edition=prelim)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 140
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Federal law — U.S. Code and appendices · legal_authorities
Page 181 TITLE 12—BANKS AND BANKING § 548 CHAPTER 4—TAXATION SUBCHAPTER I—FEDERAL RESERVE BANKS Sec. 531. Exemption from taxation. SUBCHAPTER II—NATIONAL BANK CIRCULATION 541. Tax on circulating notes generally. 542 to 547. Omitted or Repealed. SUBCHAPTER III—NATIONAL BANK SHARES 548. State taxation. SUBCHAPTER IV—STATE BANK CIRCULATION 561 to 570. Omitted. SUBCHAPTER I—FEDERAL RESERVE BANKS § 531. Exemption from taxation Federal reserve banks, including the capital stock and surplus therein and the income de- rived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate. (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.) Editorial Notes CODIFICATION Section is comprised of subsec. (c) [formerly third un- designated 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 sec- tion 7 is classified to section 290 of this title. AMENDMENTS 1993—Pub. L. 103–66 inserted section catchline. SUBCHAPTER II—NATIONAL BANK CIRCULATION § 541. Tax on circulating notes generally 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. (R.S. § 5214; Mar. 3, 1883, ch. 121, § 1, 22 Stat. 488.) Editorial Notes CODIFICATION R.S. § 5214 derived from act June 3, 1864, ch. 106, § 41, 13 Stat. 111, which was part
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 531
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