12 U.S.C. § 541: Tax on circulating notes generally

12 U.S.C. 541: Tax on circulating notes generallyText contains those laws in effect through Public Law 119-120 (October 7, 2026).

From Title 12-BANKS AND BANKINGCHAPTER 4-TAXATION

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§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 of the National Bank Act. See section 38 of this title.