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Internal Revenue Code · 26 U.S.C.

§ 4701. Tax on issuer of registration-required obligation not in registered form

In force Text current through Public Law 119-121 (October 9, 2026) release point 119-121

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).

Cite as 26 U.S.C. § 4701

At a glance

Read from the text, the source credit and the official notes. Not part of the law.

Status
In force
Added
September 3, 1982 by Pub. L. 97–248
Last amended
March 18, 2010 by Pub. L. 111–147
Amendments
2 dated changes in the source credit
Length
2 subsections · 291 words · about 1 min to read
Defines
2 terms
Cross-references
cites 2; cited by 2 Code sections and 2 other regulations
Regulations
1 issued under this section
(a) Imposition of tax In the case of any person who issues a registration-required obligation which is not in registered form, there is hereby imposed on such person on the issuance of such obligation a tax in an amount equal to the product of—
(1) 1 percent of the principal amount of such obligation, multiplied by
(2) the number of calendar years (or portions thereof) during the period beginning on the date of issuance of such obligation and ending on the date of maturity.
(b) Definitions For purposes of this section—
(1) Registration-required obligation
(A) In general The term “registration-required obligation” has the same meaning as when used in section 163(f), except that such term shall not include any obligation which—
(i) is required to be registered under section 149(a), or
(ii) is described in subparagraph (B).
(B) Certain obligations not included An obligation is described in this subparagraph if—
(i) there are arrangements reasonably designed to ensure that such obligation will be sold (or resold in connection with the original issue) only to a person who is not a United States person,
(ii) interest on such obligation is payable only outside the United States and its possessions, and
(iii) on the face of such obligation there is a statement that any United States person who holds such obligation will be subject to limitations under the United States income tax laws.
(2) Registered form

The term “registered form” has the same meaning as when used in section 163(f).

(Added Pub. L. 97–248, title III, § 310(b)(4)(A), Sept. 3, 1982, 96 Stat. 598; amended Pub. L. 99–514, title XIII, § 1301(j)(5), Oct. 22, 1986, 100 Stat. 2657; Pub. L. 111–147, title V, § 502(e), Mar. 18, 2010, 124 Stat. 108.)

Terms defined here

Where the text says “the term … means”. Select a term to jump to its definition.

Regulations under this section

Treasury regulations (26 CFR) issued under § 4701

Cross-references

Computed from the citations in the text of Title 26 and 26 CFR.

This section cites 2 other sections

Cited by 2 Code sections

Cited in 2 regulations not issued under it

Amendment history

From the source credit and the official notes, newest first.

  1. Amended by Pub. L. 111–147Parts changed in 2010: (b)(1)
  2. Amended by Pub. L. 99–514Parts changed in 1986: (b)(1)
  3. Added by Pub. L. 97–248

Where it sits in the Code

  1. Subtitle D Miscellaneous Excise Taxes
  2. Chapter 39 REGISTRATION-REQUIRED OBLIGATIONS

Official notes

Show the Law Revision Counsel's notes (amendments, effective dates)

Editorial Notes

Amendments

2010—Subsec. (b)(1). Pub. L. 111–147 amended par. (1) generally. Prior to amendment, text read as follows: “The term ‘registration-required obligation’ has the same meaning as when used in section 163(f), except that such term shall not include any obligation required to be registered under section 149(a).”

1986—Subsec. (b)(1). Pub. L. 99–514 substituted “section 149(a)” for “section 103(j)”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–147 applicable to obligations issued after the date which is 2 years after Mar. 18, 2010, see section 502(f) of Pub. L. 111–147, set out as a note under section 149 of this title.

Effective Date of 1986 Amendment

Amendment by Pub. L. 99–514 applicable to bonds issued after Aug. 15, 1986, except as otherwise provided, see sections 1311 to 1318 of Pub. L. 99–514, set out as an Effective Date; Transitional Rules note under section 141 of this title.

Effective Date

Section applicable to obligations issued after Dec. 31, 1982, with an exception for certain warrants, see section 310(d)(1), (3) of Pub. L. 97–248, set out as an Effective Date of 1982 Amendment note under section 103 of this title.