Title 12 — Banks and BankingRelease 119-73not60
§627 State Taxation
Title 12 › Chapter 6— FOREIGN BANKING › Subchapter II— ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 627
Summary
States must tax a corporation created under this part of federal law where its main office is, just like they tax similar state corporations. Its stock must be taxed as the owners' personal property in the same way.
Full Legal Text
Title 12, §627
Banks and Banking — Source: USLM XML via OLRC
Any corporation organized under the provisions of this subchapter shall be subject to tax by the State within which its home office is located in the same manner and to the same extent as other corporations organized under the laws of that State which are transacting a similar character of business. The shares of stock in such corporation shall also be subject to tax as the personal property of the owners or holders thereof in the same manner and to the same extent as the shares of stock in similar State corporations.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act Dec. 23, 1913, which is classified to this subchapter (§ 611 et seq.). Codification Section is comprised of par. 19 (undesignated) of section 25A of act Dec. 23, 1913, which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under section 611 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 627
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60