republic-os/legal/us/code/title-12/chapter-4/section-548.md

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LegalText	12 U.S.C. § 548	State taxation	us	united_states_code	code_section	12	BANKS AND BANKING	4	TAXATION	548	12 U.S.C. § 548	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/s548	data/legal/raw/us/code/title-12/usc12.xml	1fbc6ccaffde76f3cc4d2e5352197511154594d3c4f0e8645bcd102379936f60	e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa	be40b3091b681f6b19d8d5a21f633c019d92084b5c0ab8ba2b7fe9c96edae09f	2026-07-04	official	legal us-code

12 U.S.C. § 548 - State taxation

Text

For the purposes of any tax law enacted under authority of the United States or any State, a national bank shall be treated as a bank organized and existing under the laws of the State or other jurisdiction within which its principal office is located.

(R.S. § 5219; Mar. 4, 1923, ch. 267, 42 Stat. 1499; Mar. 25, 1926, ch. 88, 44 Stat. 223; Pub. L. 91–156, §§ 1(a), 2(a), Dec. 24, 1969, 83 Stat. 434.)

Notes

Editorial Notes

Codification R.S. § 5219 derived from act June 3, 1864, ch. 106, § 41, 13 Stat. 111, which was the National Bank Act, and act Feb. 10, 1868, ch. 7, 15 Stat. 34. See section 38 of this title.

Amendments1969—Pub. L. 91–156, § 2(a), substituted provisions directing that national banks, for purposes of both Federal and State tax laws, be treated as banks organized and existing under the laws of the State or other jurisdiction within which each bank’s principal office is located for provisions placing restrictions on the taxation of national bank shares and, for the period until the effective date of such amendment, set out interim provisions regarding intangible personal property taxes of States and local governments on national banks. Pub. L. 91–156, § 1(a), added par. 5. 1926—Act Mar. 25, 1926, among other changes inserted “on their net income” in cl. (3) of former opening par., and added cl. (4) thereto, and inserted proviso in former subsec. 1(c).

Statutory Notes and Related Subsidiaries

Effective Date of 1969 AmendmentPub. L. 91–156, § 1(b), Dec. 24, 1969, 83 Stat. 434, provided that: “The amendment made by subsection (a) of this section [setting out interim provisions regarding intangible personal property taxes of State and local governments on national banks] shall be effective from the date of enactment of this Act [Dec. 24, 1969] until the effective date [Jan. 1, 1973] of the amendment made by section 2(a) of this Act [removing restrictions on the taxation of national bank shares and directing that national banks, for purposes of both Federal and State tax laws, be treated as banks organized and existing under the laws of the State or other jurisdiction within which each bank’s principal office is located].” Pub. L. 91–156, § 2(b), Dec. 24, 1969, 83 Stat. 434, as amended by Pub. L. 92–213, § 4(a), Dec. 22, 1971, 85 Stat. 775, provided that: “The amendment made by subsection (a) [removing all special restriction on the taxation of national bank shares by State and local taxing authorities] becomes effective on January 1, 1973”.

Savings ProvisionPub. L. 91–156, § 3, Dec. 24, 1969, 83 Stat. 435, as amended by Pub. L. 92–213, § 4(a), Dec. 22, 1971, 85 Stat. 775, provided that: “(a) Except as provided in subsection (b) of this section, prior to January 1, 1973, no tax may be imposed on any class of banks by or under authority of any State legislation in effect prior to the enactment of this Act [Dec. 24, 1969] unless“(1) the tax was imposed on that class of banks prior to the enactment of this Act [Dec. 24, 1969], or “(2) the imposition of the tax is authorized by affirmative action of the State legislature after the enactment of this Act [Dec. 24, 1969]. “(b) The prohibition of subsection (a) of this section does not apply to“(1) any sales tax or use tax complementary thereto, “(2) any tax (including a documentary stamp tax) on the execution, delivery, or recordation of documents, or “(3) any tax on tangible personal property (not including cash or currency), or for any license, registration, transfer, excise or other fee or tax imposed on the ownership, use or transfer of tangible personal property, imposed by a State which does not impose a tax, or an increased rate of tax, in lieu thereof.”

State Taxation of Federally Insured Financial Institutions; Study and Report by Advisory Commission on Intergovernmental RelationsPub. L. 93–100, § 7, Aug. 16, 1973, 87 Stat. 347, eff. on the 30th day after Aug. 16, 1973, as amended by Pub. L. 93–495, title I, § 114, Oct. 28, 1974, 88 Stat. 1507; Pub. L. 94–222, §§ 1, 4, Feb. 27, 1976, 90 Stat. 197, 198, eff. Jan. 1, 1976, provided that it was to be cited as the “State Taxation of Depositories Act”; that it was applicable to taxable years or periods beginning on or after Aug. 16, 1973; that an efficient banking system and the free flow of commerce would be furthered by clarification of principles as to State taxation of interstate transactions of banks and other depositories; that taxes measured by income or receipts or other “doing business” taxes in states where depositories do not have their principal offices, should be deferred until uniform and equitable methods are developed; that no such taxes should be imposed on or after Aug. 16, 1973 and before Sept. 12, 1976; that “insured depository” means any bank or institution insured under the Federal Deposit Insurance Act or the Federal Savings and Loan Insurance Corporation or any member institution of a Federal home loan bank; that “State” means the several States of the United States, the District of Columbia, the Virgin Islands, Guam, and American Samoa; and that the Advisory Commission on Intergovernmental Relations should study the matter of State “doing business” taxes and report to Congress no later than Dec. 31, 1974.

Study by Board of Governors of Federal Reserve System; Report by June 22, 1972Pub. L. 92–213, § 4(b), Dec. 22, 1971, 85 Stat. 775, required the Board of Governors of the Federal Reserve System to make a study of the probable impact on the revenues of State and local governments of the extension until Jan. 1, 1973, under subsection (a), of the termination date of interim provisions regarding intangible personal property taxes of State and local governments on national banks and to report the results of its study to the Congress not later than six months after Dec. 22, 1971.

Study by Board of Governors of Federal Reserve System; Report by Dec. 31, 1970Pub. L. 91–156, § 4, Dec. 24, 1969, 83 Stat. 435, provided that the Board of Governors of the Federal Reserve System make a study to determine the probable impact on the banking system and other economic effects of the changes in existing law made by section 2 of this Act [amending this section] and that such study include the Board’s recommendation as to what additional Federal legislation may be needed to reconcile the promotion of economic efficiency in the banking system with the achievement of effectiveness and local autonomy in meeting the fiscal needs of the States and their political subdivisions. The results of the Board’s study were to be made to Congress not later than December 31, 1970.