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► 26 U.S.C. § 591 26 u.s.c. · normal taxes and surtaxes · title 26
26 U.S.C. § 591
Deduction for dividends paid on deposits
Title 26 USC
● ACTIVE
Ch. 1
Jurisdiction Federal — United States
Chapter NORMAL TAXES AND SURTAXES
Primary Source uscode.house.gov ↗
Federation ID OM-USC26-SEC-96CB03
► STATUTORY TEXT primary source · verbatim · uscode.house.gov

U.S.C. Title 26 - INTERNAL REVENUE CODE 26 U.S.C. United States Code, 2023 Edition Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter H - Banking Institutions PART II - MUTUAL SAVINGS BANKS, ETC. Sec. 591 - Deduction for dividends paid on deposits From the U.S. Government Publishing Office, www.gpo.gov

§591. Deduction for dividends paid on deposits

(a) In general In the case of mutual savings banks, cooperative banks, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law, there shall be allowed as deductions in computing taxable income amounts paid to, or credited to the accounts of, depositors or holders of accounts as dividends or interest on their deposits or withdrawable accounts, if such amounts paid or credited are withdrawable on demand subject only to customary notice of intention to withdraw. (b) Mutual savings bank to include certain banks with capital stock For purposes of this part, the term "mutual savings bank" includes any bank— (1) which has capital stock represented by shares, and (2) which is subject to, and operates under, Federal or State laws relating to mutual savings bank.

(Aug. 16, 1954, ch. 736, 68A Stat. 204; Pub. L. 87–834, §6(f), Oct. 16, 1962, 76 Stat. 984; Pub. L. 97–34, title II, §245(a), Aug. 13, 1981, 95 Stat. 255.)

Editorial Notes

Amendments 1981—Pub. L. 97–34 designated existing provisions as subsec. (a), inserted heading "In general", and added subsec. (b). 1962—Pub. L. 87–834 included other savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law, and authorized amounts paid as interest as a deduction.

Statutory Notes and Related Subsidiaries

Effective Date of 1981 Amendment Pub. L. 97–34, title II, §246(d), Aug. 13, 1981, 95 Stat. 256, provided that: "The amendments made by section 245 [amending this section and section 593 of this title] shall apply with respect to taxable years ending after the date of the enactment of this Act [Aug. 13, 1981]."

Source: uscode.house.gov — public domain Official Source ↗
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The statutory text of 26 U.S.C. § 591 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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26 U.S.C.
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26 U.S.C. § 591
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1 — NORMAL TAXES AND SURTAXES
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Internal Revenue Code — 26 U.S.C. § 591