Tax on capital, deposits, and circulation of banks.
Section 249
SEC. 249. Tax on capital, deposits, and circulation of banks. — Subject to the exemptions herein made, there shall be collected from banks the following taxes on capital, deposits, and circulation. (a) Upon the capital employed by the bank, for each month, one twenty-fourth of one per centum. (b) Upon the average amount of deposits of money, subject to payment by check or draft, or represented by certificates of deposit or otherwise, whether payable on demand or at some future day, for each month, one eighteenth of one per centum. (c) Upon the average amount of circulation issued by the bank, including as circulation all notes and other obligations calculated or intended to circulate or be used as money, but not including such as may be retained in the vault of the bank or redeemed and on deposit for said bank, for each month, one-twelfth of one per centum. (d) Upon the amount of reserve deficiencies incurred by the bank, and for the periods of their duration, as provided in section 126 of Act Numbered one thousand four hundred and fifty-nine, as amended by Act Numbered Three Thousand six hundred and ten, one per centum per month. "Bank," as herein used, includes every incorporated or other bank, and every person, association, or company having a place of business where credits are opened by the deposit or collection of money or currency subject to be paid or remitted upon draft, check, or order, or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes, are received for discount or for sale. "Capital employed" does not include money borrowed or received from time to time in the usual course of business from any person whose sole business is lending money on real estate security.