26 U.S.C. § 591
Deduction for dividends paid on deposits
United States · Title 26 — INTERNAL REVENUE CODE · Status: effective
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- Citation
- 26 U.S.C. § 591, Deduction for dividends paid on deposits, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/462589
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Full text
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.
For purposes of this part, the term “mutual savings bank” includes any bank—
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone. The law that originally enacted this section predates the public laws loaded here, so only later amendments are listed.
- Economic Recovery Tax Act of 1981House: no recorded tallySenate: no recorded tally