In the case of mutual savings banks, cooperative banks, and 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.
1981—Pub. L. 97–34designated existing provisions as subsec. (a), inserted heading “In general”, and added subsec. (b).
1962—Pub. L. 87–834included 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.
Effective Date of 1981 Amendment
Section 246(d) ofPub. L. 97–34provided 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].”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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