Section 14
SEC. 14. Section 53 [d] [1] of the National Internal Revenue Code is hereby renumbered and amended to read as follows: “SEC. 51 [d] [1] Withholding final tax. – Every bank or non-bank financial intermediary or commercial, industrial, finance companies, and other non-financial companies authorized by the Securities and Exchange Commission to issue deposit substitutes shall deduct and withhold from the interest on bank deposits or yield or any other monetary benefit from deposit substitutes a final tax equal to 17 ½% of the interest on deposits or yield or any other monetary benefit from deposit substitutes and from trust fund and similar arrangements.”