§1846 — Title 12 Banks and Banking | U.S. Code

Summary

States keep their current and future powers over companies, including banks, bank holding companies, and their subsidiaries. State and local governments may create and enforce taxes on banks, bank holding companies, foreign banks, or their affiliates, as long as those taxes are allowed by the U.S. Constitution and other federal law.

Title 12, §1846

Banks and Banking — Source: USLM XML via OLRC

(a)No provision of this chapter shall be construed as preventing any State from exercising such powers and jurisdiction which it now has or may hereafter have with respect to companies, banks, bank holding companies, and subsidiaries thereof.

(b)No provision of this chapter shall be construed as affecting the authority of any State or political subdivision of any State to adopt, apply, or administer any tax or method of taxation to any bank, bank holding company, or foreign bank, or any affiliate of any bank, bank holding company, or foreign bank, to the extent that such tax or tax method is otherwise permissible by or under the Constitution of the United States or other Federal law.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1994—Pub. L. 103–328 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b). 1987—Pub. L. 100–86 substituted “No provision of this chapter shall” for “The enactment by the Congress of this chapter shall not” and inserted “companies,” before “banks,”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1994 AmendmentAmendment by Pub. L. 103–328 effective at end of 1-year period beginning on Sept. 29, 1994, see section 101(e) of Pub. L. 103–328, set out as a note under section 1828 of this title.

§1846 Reservation of Rights to States