Title 12 — Banks and BankingRelease 119-73not60

§541 Tax on Circulating Notes Generally

Title 12 › Chapter 4— TAXATION › Subchapter II— NATIONAL BANK CIRCULATION › § 541

Last updated Apr 3, 2026|Official source

Summary

Associations pay the U.S. Treasurer 0.5% in January and July instead of other taxes, on average notes.

Full Legal Text

Title 12, §541

Banks and Banking — Source: USLM XML via OLRC

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.

Legislative History

Notes & Related Subsidiaries

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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 541

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60