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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 26 U.S.C. § 591 | Deduction for dividends paid on deposits | us | united_states_code | code_section | 26 | INTERNAL REVENUE CODE | 1 | NORMAL TAXES AND SURTAXES | 591 | 26 U.S.C. § 591 | current | 119-100 | 2026-06-26 | official | https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc26@119-100.zip | /us/usc/t26/s591 | data/legal/raw/us/code/title-26/usc26.xml | ff9e2e0a24113b5100c491ec86b9a0f463ba9f9b2d2cedf7b08d8d23d7da12d2 | a261f094809116f42a96648a3d5eee80fa010379d67412551c21dd5c900b27f4 | 2ff87230fcc7a1c803c469d85f791284be98438023df186f8415823b50786c86 | 2026-07-04 | official |
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26 U.S.C. § 591 - Deduction for dividends paid on deposits
Text
(a) In general In the case of mutual savings banks, cooperative banks, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law, there shall be allowed as deductions in computing taxable income amounts paid to, or credited to the accounts of, depositors or holders of accounts as dividends or interest on their deposits or withdrawable accounts, if such amounts paid or credited are withdrawable on demand subject only to customary notice of intention to withdraw.
(b) Mutual savings bank to include certain banks with capital stock For purposes of this part, the term “mutual savings bank” includes any bank—
(1) which has capital stock represented by shares, and
(2) which is subject to, and operates under, Federal or State laws relating to mutual savings bank.
(Aug. 16, 1954, ch. 736, 68A Stat. 204; Pub. L. 87–834, § 6(f), Oct. 16, 1962, 76 Stat. 984; Pub. L. 97–34, title II, § 245(a), Aug. 13, 1981, 95 Stat. 255.)
Notes
Editorial Notes
Amendments1981—Pub. L. 97–34 designated existing provisions as subsec. (a), inserted heading “In general”, and added subsec. (b). 1962—Pub. L. 87–834 included other savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law, and authorized amounts paid as interest as a deduction.
Statutory Notes and Related Subsidiaries
Effective Date of 1981 AmendmentPub. L. 97–34, title II, § 246(d), Aug. 13, 1981, 95 Stat. 256, provided that: “The amendments made by section 245 [amending this section and section 593 of this title] shall apply with respect to taxable years ending after the date of the enactment of this Act [Aug. 13, 1981].”