12 U.S.C. Chapter 4 — TAXATION

Chapter 4 · Taxation

Subchapter II · National bank circulation

541Tax 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.

542Omitted#

(omitted)

543Repealed. Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068#

(repealed)

544 to 547Omitted#

(omitted)

III · National bank shares

548State taxation#

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.

Subchapter IV · State bank circulation

561 to 570Omitted#

(omitted)

Subchapter I · Federal reserve banks

531Exemption 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.

United States Government work; public domain under 17 U.S.C. § 105.