A bill to amend the Internal Revenue Code of 1954 to treat banks organized in a possession of the United States in the same manner as other corporations organized in such possession with respect to the taxation of interest on obligations of the United States.

Amends the Internal Revenue Code to treat banks organized in a possession of the United States (Guam or the Virgin Islands) in the same manner as other corporations organized in such possession with respect to the taxation of interest on obligations of the United States.