Company: USB-PA
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0001918704-25-009341
Chunk: 6

Company: US BANCORP \DE\
Filing Date: 2025-06-11
Form: 424B2
Chunk 6
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, you should be willing to hold the Notes to maturity or early redemption. Changes in tax laws may adversely impact your investment in the Notes. The tax consequences of the ownership and disposition of the Notes may be the subject of future tax legislation which could adversely impact your investment in the Notes. The U.S. House of Representatives recently passed the One Big Beautiful Bill Act of 2025 (the “Bill”), which provides, among other things, for increased rates of U.S. federal income tax and withholding tax for certain non-U.S. persons that are tax residents or organized in non-U.S. countries that have one or more “unfair foreign taxes” (defined to include an undertaxed profits rule, digital services tax, diverted profits tax, and certain other taxes to the extent provided by the Secretary of the Treasury). Under this proposed legislation, payments on the Notes to applicable non-U.S. holders could be subject to increased rates of U.S. federal income tax and withholding tax, starting at five percentage points and increasing by an additional five percentage points for each annual anniversary of the effective date (subject to a cap of 20 percentage points over the otherwise applicable tax rate). The legislative history to the Bill suggests that the provision would not apply to certain “portfolio interest” currently exempted from income tax under the Code, but there can be no assurance in this regard. We cannot predict whether any particular proposed tax legislation will be enacted or, if enacted, what the specific provisions or the effective date of any such tax legislation would be, or whether it would have any effect on holders of Notes. No assurance can be provided that future legislative, administrative, or judicial developments will not result in an increase in the amount of tax payable by holders of Notes. You should consult your tax advisor concerning the potential application of this proposed legislation should it be enacted PS-5 U.S. FEDERAL INCOME TAX CONSIDERATIONS The discussion entitled “Certain United States Federal Income Tax Consequences” in the accompanying prospectus supplement provides a summary of material U.S. federal income tax considerations relating to an investment in the Notes, which you should carefully review prior to investing in the Notes. See also “Additional Risk Factors— Changes in tax laws may adversely impact your investment in the Notes” on page PS-5 of this pricing supplement. You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the Notes in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in