12 U.S.C. § 548
State taxation
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.
Notes of Decisions
Cited in 139
cases, 1927–2012 · leading case: First Agricultural National Bank of Berkshire County v. State Tax Commission
First Agricultural National Bank of Berkshire County v. State Tax Commission (1968)
“For purposes of this case, the most important piece of banking legislation is 12 U. S. C. § 548 [3] which *342 originated as part of the Act of June 3, 1864, c.”
American Bank & Trust Co. v. Dallas County (1983)
“§ 5219, as amended, 12 U. S. C. § 548 , [3] had authorized state taxation of shares of national *861 banks without reduction in value for obligations of the United States held by the banks.”
City of Pittsburgh v. Allegheny Valley Bank (1980)
“*554 Concluding, as we must, that taxation of bank revenues is preempted by the Commonwealth, and that the Business Privilege Tax impermissibly "impinges" upon this area, we hold that Pittsburgh's tax is invalid as applied to appellee state banks.”
Siegelman v. Chase Manhattan Bank (1991)
“The State argues that the trial court would have held that the State could tax income derived by Chase from Alabama credit card holders "but for" the existence of 12 U.S.C. § 548 , see infra, when the statute levying the excise tax (the "Excise Tax Statute") was enacted in 1935.”
Bank of Texas v. Childs (1981)
“Apparently, the argument now urged by appellees was not presented to that court either, although it did cite section 5219 ( 12 U.S.C. § 548 ) for another proposition.”
Gully v. First Nat. Bank in Meridian (1936)
“§ 5219, 12 U. S. C. § 548 ), and that by necessary implication a plaintiff counts upon the statute in suing for the tax.”
Bartow County Bank v. Bartow County Board of Tax Assessors (1982)
“Our review involves two federal laws, 12 USC § 548 and 31 USC § 742 , and their predecessors.”
First Federal Savings & Loan Ass'n v. Tax Commission (1978)
“§ 5219, as amended, 12 U. S. C. § 548 (1) (b), which had barred state taxation of the shares of national banks "at a greater rate than is assessed upon other moneyed capital .”
District of Columbia National Bank, Washington v. District of Columbia (1965)
“Appellant contends that the provisions of the District of Columbia Code purporting to lay a gross earnings tax on national banks may not be accorded such application in view of 12 U.S.C. § 548 , a section which derives from R.”
Grayson County State Bank v. Calvert (1962)
“The Court also found that 12 U.S.C. § 548 , 12 U.S.C.A. § 548 , permits State legislation to tax National Banks by: (1) taxing the shares of National banks, or (2) including dividends derived therefrom in the taxable income thereof, or (3) taxing associations on their net…”
First Agricultural National Bank of Berkshire County v. State Tax Commission (1967)
“EXEMPTION UNDER 12 U.S.C. § 548 (1964). Finally, we confront the question whether the application of the use tax to purchases made by national banks violates any law of the United States.”
Bank of Guam v. United States (2009)
“Two years before the Bank began purchasing USGOs, the appellant in Bank of America contended that Guam’s enactment of a business privilege tax violated 12 U.S.C. § 548 , which allowed a local government to tax the net income of a business only once.”
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