---
kind: "section"
citation: "12 U.S.C. § 541"
title: "12"
title_heading: "Banks and Banking"
number: "541"
heading: "Tax on circulating notes generally"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/541"
units:
  - "Chapter 4 — Taxation"
  - "Subchapter II — National Bank Circulation"
---

# §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.)

## Notes

### 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.