§ 591. Deduction for dividends paid on deposits

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1954

   Aug. 16, 1954, ch. 736, 68A Stat. 204 · 68A Stat. 204

   Enacted · 26 U.S.C. § 591

   Aug. 16, 1954, ch. 736, 68A Stat. 204

   Source evidence

   Code source credit
   Aug. 16, 1954, ch. 736, 68A Stat. 204

2. 1962

   Revenue Act of 1962

   Pub. L. 87–834 § 6(f) · 76 Stat. 960

   Changed · 26 U.S.C. § 591

   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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   (f) Deduction for Dividends or Interest Paid on Deposits.— Section 591 (relating to deduction for dividends paid on deposits) is amended— (1) by striking out “and domestic building and loan associations” and inserting in lieu thereof the following: “domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law”; and (2) by inserting after “dividends” the following: “or interest”.

3. 1981

   Economic Recovery Tax Act of 1981

   Pub. L. 97–34 title II § 245(a) · 95 Stat. 175

   1. Amended · 26 U.S.C. § 591

      Pub. L. 97–34 designated existing provisions as subsec. (a)

   2. Inserted · 26 U.S.C. § 591

      Pub. L. 97–34 inserted heading “In general”

   3. Added · 26 U.S.C. § 591

      Pub. L. 97–34 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 97–34 designated existing provisions as subsec. (a), inserted heading “In general”, and added subsec. (b).

   Enacted provision · exact public law section
   (a) In General.— Section 591 (relating to dividends paid on deposits) 26 USC 591. is amended— (1) by inserting “(a) In General.—” before “In”, and (2) by adding at the end thereof the following new subsection: “(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.”

   Effective date note
   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].”

4 of 5 references resolved to an enrolled provision · 1 partial