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Title 26, Internal Revenue CodeRelease 119-110

§4701 Tax on Issuer of Registration-required Obligation Not in Registered Form

Title 26 › Subtitle D — Miscellaneous Excise Taxes › CHAPTER 39 — REGISTRATION-REQUIRED OBLIGATIONS › § 4701

Last updated Sep 22, 2026|Official source

Summary

If a person issues a registration-required obligation that is not in registered form, that person must pay a tax when the obligation is issued. The tax is 1 percent of the obligation’s principal times the number of calendar years (or parts of years) from the issue date to the maturity date. "Registration-required obligation" refers to the same type of obligation named in section 163(f), but it does not include obligations that must be registered under section 149(a) or obligations sold only to non‑U.S. persons with interest paid only outside the United States and a warning on the face about U.S. tax limits. "Registered form" has the same meaning as in section 163(f).

Full Legal Text

Title 26, §4701

Internal Revenue Code, Source: USLM XML via OLRC

(a)Imposition of tax
In the case of any person who issues a registration-required obligation which is not in registered form, there is hereby imposed on such person on the issuance of such obligation a tax in an amount equal to the product of— (1)
(2)the number of calendar years (or portions thereof) during the period beginning on the date of issuance of such obligation and ending on the date of maturity.
(b)Definitions
For purposes of this section
(1) Registration-required obligation
(2)Registered form
The term “registered form” has the same meaning as when used in section 163(f).

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsec. (b)(1). Pub. L. 111–147 amended par. (1) generally. Prior to amendment, text read as follows: “The term ‘registration-required obligation’ has the same meaning as when used in section 163(f), except that such term shall not include any obligation required to be registered under section 149(a).” 1986—Subsec. (b)(1). Pub. L. 99–514 substituted “section 149(a)” for “section 103(j)”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–147 applicable to obligations issued after the date which is 2 years after Mar. 18, 2010, see section 502(f) of Pub. L. 111–147, set out as a note under section 149 of this title.

Effective Date

of 1986 AmendmentAmendment by Pub. L. 99–514 applicable to bonds issued after Aug. 15, 1986, except as otherwise provided, see sections 1311 to 1318 of Pub. L. 99–514, set out as an

Effective Date

Transitional Rules note under section 141 of this title.

Effective Date

Section applicable to obligations issued after Dec. 31, 1982, with an exception for certain warrants, see section 310(d)(1), (3) of Pub. L. 97–248, set out as an

Effective Date

of 1982 Amendment note under section 103 of this title.

Reference

Citations & Metadata

Citation

26 U.S.C. § 4701

Title 26, Internal Revenue Code

Last Updated

Sep 22, 2026

Release point: 119-110