Notes on 12 U.S.C. § 548 : US Code - Notes

Search Notes on 12 U.S.C. § 548 : US Code - Notes

(R.S. Sec. 5219; Mar. 4, 1923, ch. 267, 42 Stat. 1499; Mar. 25,
1926, ch. 88, 44 Stat. 223; Pub. L. 91-156, Secs. 1(a), 2(a), Dec.
24, 1969, 83 Stat. 434.)
CODIFICATION
R.S. Sec. 5219 derived from act June 3, 1864, ch. 106, Sec. 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.
AMENDMENTS
1969 - Pub. L. 91-156, Sec. 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, Sec. 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).
EFFECTIVE DATE OF 1969 AMENDMENT
Section 1(b) of Pub. L. 91-156 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]."
Section 2(b) of Pub. L. 91-156, as amended by Pub. L. 92-213,
Sec. 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 PROVISION
Section 3 of Pub. L. 91-156, as amended by Pub. L. 92-213, Sec.
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 RELATIONS
Pub. L. 93-100, Sec. 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, Sec. 114, Oct. 28, 1974, 88 Stat. 1507; Pub. L. 94-222, Secs. 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, 1972
Section 4(b) of Pub. L. 92-213 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, 1970
Section 4 of Pub. L. 91-156 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.