12 U.S.C. § 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.
Notes of Decisions
Cited in 22
cases, 1960–2020 · leading case: Fed. Reserve Bank of St. Louis, a United States Corp. v. Metrocentre Improvement Dist. 1, City of Little Rock, Arkansas, 657 F.2d 183 (8th Cir. 1981).
Fed. Reserve Bank of St. Louis, a United States Corp. v. Metrocentre Improvement Dist. 1, City of Little Rock, Arkansas, 657 F.2d 183 (8th Cir. 1981). “The district court 1 found first, that the Bank was not exempt because the Bank was not an agency or instrumentality of the federal government for the purpose of the special assessment.”
United States v. Timothy Ward, 972 F.3d 364 (4th Cir. 2020). “1992) (interpreting the phrase, “taxes upon real estate,” in 12 U.S.C. § 531 ). 10 The 10 Because the Jerome presumption is overcome here, we need not determine whether the presumption for Acts of Congress extends to Guidelines promulgated by the U.”
First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 392 U.S. 339 (1968). “258 (1913), 12 U. S. C. § 531 ; Federal land banks, 39 Stat.”
Fed. Reserve Bank of Boston v. Comm'r of Corporations & Taxation of the Commonwealth of Massachusetts, 499 F.2d 60 (1st Cir. 1974). “It asserted that the Commissioner erred because the Bank was not empowered to hold property for other than public use; because rental revenues would go for a public purpose (reduction of the bonded indebtedness of the United States); and because the ruling conflicts both with 12…”
Myron Green Corp. v. Dir. of Revenue, 567 S.W.3d 161 (Mo. 2019). “See 12 U.S.C. § 531 . Believing this exemption applied to all sales transactions at the bank's cafeteria, Myron Green did not charge or collect sales tax on any products sold in the cafeteria.”
First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 229 N.E.2d 245 (Mass. 1967). “, 12 U.S.C. § 531 (1964) (Federal reserve banks); 12 U.”
Kennedy C. Scott v. Fed. Reserve Bank of Kansas City, 406 F.3d 532 (8th Cir. 2005). “12 U.S.C. § 531 (exempting Federal Reserve Banks from federal, state, and local taxes except real estate taxes without referring to banks as federal agents).”
Fed. Reserve Bank of Minneapolis v. State, 313 N.W.2d 619 (Minn. 1981). “” 12 U.S.C. § 531 (1976) (emphasis added). Although the “subtreasury” currency functions were not assigned to the Federal Reserve until 1920, there is nothing in the 1913 law limiting the waiver of immunity to then-current functions, locations or operations of the Federal…”
Fed. Reserve Bank of Richmond, a United States Corp. v. City of Richmond, a Virginia Mun. Corp., 957 F.2d 134 (4th Cir. 1992). “We find that the district court erred in concluding that the City’s assessment, under 12 U.S.C. § 531 , of penalty and interest charges against the Bank for delinquent payment of real estate taxes was improper.”
Fed. Reserve Bank of Boston v. Comm'r of Corporations & Taxation of the Commonwealth of Massachusetts, 520 F.2d 221 (1st Cir. 1975). “The court thus found it unnecessary to decide whether 12 U.S.C. § 531 , which provides that “Federal reserve banks .”
Rohr Aircraft Corp. v. Cnty. of San Diego, 362 U.S. 628 (1960). “251 , 258, 12 U. S. C. § 531 (Federal Reserve Banks); 39 Stat.”
Bernard E. Koll v. Wayzata State Bank, 397 F.2d 124 (8th Cir. 1968). “The attempted loan to the plaintiff violates the usury and forgery laws of Minnesota; that after income taxes plaintiff is flat broke; that the Federal Reserve Bank is exempt from taxation, 12 U.S.C. § 531 . XIII. Defendants hold a substantial sum of United States and state…”
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