12 U.S.C. § 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. (R.S. § 5214; Mar. 3, 1883, ch. 121, § 1, 22 Stat. 488 .) 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 .

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