Testimony Received in Consideration of H.R. 7491 and Related Bills: Hearing, Ninety-first Congress, First Session, on H.R. 7491, a Bill to Clarify the Liability of National Banks for Certain Taxes and Related Bills. May 26, 1969, 28. köideU.S. Government Printing Office, 1969 - 47 pages |
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Agricultural Bank Agricultural National Bank amended Association of Tax Banking and Currency banks for sales Berkshire County BERTRAM BERTRAM L bill to clarify Chairman chartered banks clarify the liability Committee on Banking competitive Comptroller Cong CONGRES THE LIBRARY CONGRESS LIBRARY CONGRESS THE LIBRARY corporations Currency Committee D.C. DEAR CONGRESSMAN DEAR CONGRESSMAN PATMAN DEAR CONGRESSMAN PODELL DEPARTMENT OF REVENUE enacted favorable federal instrumentalities Federal Reserve System fiscal Florida Government House of Representatives House Office Building immunity income legislation letter of October liability of national LIBRARY OF CONGRES LIBRARY OF CONGRESS loss of revenue Maryland National Bank Act national banking associations October 11 Oklahoma Tax Comm'n Owensboro personal property taxes purchases refunds revenue loss sales tax Sincerely Stat State-chartered banks supra Supreme Court decision tangible personal property Tax Administrators Tax Commission tax national banks tax-immune taxation of national taxes on national tion U.S. Representative U.S. Supreme Court Washington WRIGHT PATMAN York
Popular passages
Page 39 - State within which the association is located: but the legislature of each State may determine and direct the manner and place of taxing all the shares of national banking associations...
Page 35 - That suits, actions, and proceedings, against any association under this act, may be had in any circuit, district, or territorial court of the United States held within the district in which such association may be established; or in any state, county, or municipal court in the county or city in which said association is located, having jurisdiction in similar cases...
Page 37 - State, subject only to the two restrictions that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State, and that the shares of any national banking association owned by non-residents of any State shall be taxed in the city or town where the bank is located, and not elsewhere.
Page 37 - State coming into competition with the business of national banks: Provided. That bonds, notes, or other evidences of indebtedness in the hands of individual citizens not employed or engaged in the banking or investment business and representing merely personal investments not made in competition with such business, shall not be deemed moneyed capital within the meaning of this section.
Page 37 - In case of a tax on or according to or measured by the net income of an association, the taxing State may, except in case of a tax on net income, include the entire net income received from all sources...
Page 37 - The legislature of each State may determine and direct, subject to the provisions of this section, the manner and place of taxing all the shares of national banking associations located within its limits. The several States may...
Page 38 - ... common with the other real property within the State, nor to a tax imposed on the interest which the citizens of Maryland may hold in this institution, in common with other property of the same description throughout the State. But this is a tax on the operations of the bank, and is, consequently, a tax on the operation of an instrument employed by the government of the Union to carry its powers into execution. Such a tax must be unconstitutional.
Page 37 - ... tax said shares, or (2) include dividends derived therefrom in the taxable income of an owner or holder thereof, or (3) tax such associations on their net income, or (4) according to or measured by their net income, provided the following conditions are complied with: " '1. (a) The imposition by any State of any one of the above four forms of taxation shall be in lieu of the others, except as hereinafter provided in subdivision (c) of this clause.
Page 31 - The several States may (1) tax said shares, or (2) include dividends derived therefrom in the taxable income of an owner or holder thereof, or (3) tax such associations on their net income, or (4) according to or measured by their net income, provided the following conditions are complied with : 1.
Page 39 - This section, then, of the Revised Statutes is the measure of the power of a state to tax national banks, their property, or their franchises. By its unambiguous provisions the power is confined to a taxation of the shares of stock in the names of the shareholders and to an assessment of the real estate of the bank. Any tax, therefore, which is in excess of. and not in conformity to, these requirements, is void.