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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 541 Tax on circulating notes generally us united_states_code code_section 12 BANKS AND BANKING 4 TAXATION 541 12 U.S.C. § 541 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s541 data/legal/raw/us/code/title-12/usc12.xml d2f1385ec9a470a4c402320342ca60daf993a7ad1b3bfba3fee19d7904bca6ce e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 5a89f4d4f1ebca7e4db78dc5b65af85641ab1c79e10c5902816a64b0e2934684 2026-07-04 official
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us-code

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

Text

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.)

Notes

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.