12 USC § 541 - Tax on circulating notes generally

---
identifier: "/us/usc/t12/s541"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 541 - Tax on circulating notes generally"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "541"
section_name: "Tax on circulating notes generally"
chapter_number: 4
chapter_name: "TAXATION"
subchapter_number: "II"
subchapter_name: "NATIONAL BANK CIRCULATION"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(R.S. § 5214; Mar. 3, 1883, ch. 121, § 1, 22 Stat. 488.)"
---


# § 541. Tax on circulating notes generally

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.

---

**Source Credit**: (R.S. § 5214; Mar. 3, 1883, ch. 121, § 1, 22 Stat. 488.)

## Editorial Notes

### Codification

R.S. § 5214 derived from , , which was part of the National Bank Act. See .