PUBLIC LAW 91-156-DEC. 24, 1969
Public Law 91-156 December 24, 1969
[H. R. 7491] National banks. Taxation by
"State." Effective ^^^^'
To clarify the liability of national banks for certain taxes. Be it enacted by the Senate and House of Representatives United States of America in Congress assembled. j
§ 1, Temporary amendment of section 5219,, Revised Statutes (a) Section 5219 of the Revised Statutes (12 U.S.C. 548) is amended by adding at the end thereof the following: "5. (a) In addition to the other methods of taxation authorized by the foregoing provisions of this section and subject to the limitations and restrictions specifically set forth in such provisions, a State or political subdivision thereof may impose any tax which is imposed generally on a nondiscriminatory basis throughout the jurisdiction of such State or political subdivision (other than a tax on intangible personal property) on a national bank having its principal office within such State in the same manner and to the same extent as such tax is imposed on a bank organized and existing under the laws of such State. "(b) Except as otherwise herein provided, the legislature of each State may impose, and may authorize any political subdivision thereof to impose, the following taxes on a national bank not having its principal office located within the jurisdiction of such State, if such taxes are imposed generally throughout such jurisdiction on a nondiscriminatory basis: "(1) Sales taxes and use taxes complementary thereto upon purchases, sales, and use within such jurisdiction. "(2) Taxes on real property or on the occupancy of real property located within such jurisdiction. "(3) Taxes (including documentary stamp taxes) on the execution, delivery, or recordation of documents within such jurisdiction. "(4) Taxes on tangible personal property (not including cash or currency) located within such juriecliction. " (5) License, registration, transfer, excise, or other fees or taxes imposed on the ow-nership, use, or transfer of tangible personal property located within such jurisdiction. " (c) No sales tax or use tax complementary thereto shall be imposed pursuant to this paragraph 5 upon purchases, sales, and use within the taxing jurisdiction of tangible personal property which is the subject matter of a written contract of purchase entered into by a national bank prior to September 1, 1969. " (d) As used in this paragraph 5, the term 'State' means any of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, and Guam." (b) The amendment made by subsection (a) of this section shall be effective from the date of enactment of this Act until the effective date of the amendment made by section 2(a) of this Act. § 2. Permanent amendment of section 5219, Revised Statutes (a) Section 5219 of the Revised Statutes (12 U.S.C. 548) is amended to read: "SEC. 5219. 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." ^(j^^ 'pj^g amendment made bj subsection (a) becomes effective on January 1, 1972.