Taxation of National Bank Shares: Hearings Before the Committee on Banking and Currency, United States Senate, Seventy-second Congress, First Session, on S. 4291, a Bill to Amend Section 5219 of the Revised Statutes, as Amended. April 2 and 4, 1932. Printed for the Use of the Committee on Banking and Currency

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U.S. Government Printing Office, 1932 - 144 pages
 

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Page 3 - 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 located within the 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...
Page 1 - Park, and for other purposes, having considered the same, report favorably thereon with the recommendation that the bill do pass without amendment. The purpose of this bill is set forth in House Report No.
Page 85 - This opinion does not deprive the States of any resources which they originally possessed. It does not extend to a tax paid by the real property of the bank, in 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.
Page 85 - If these premises were true, the conclusion drawn from them would be inevitable. This mere private corporation, engaged in its own business, with its own views, would certainly be subject to the taxing power of the State, as any individual would be; and the casual circumstance of its being employed by the government in the transaction of its fiscal affairs, would no more exempt its private business from the operation of that power than it would exempt the private business of any individual employed...
Page 61 - 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 61 - State of any one of the above three forms of taxation shall be in lieu of the others. (b) In the case of a tax on said shares the tax imposed shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such 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...
Page 1 - The Committee on Banking and Currency, to whom was referred the bill (HR 6227) to provide for the control and regulation of bank holding companies, and for other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass.
Page 61 - 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 16 - I have just stated — if I am wrong in that I would like to be corrected — it would have this other effect of delegating the legislative power from the national Congress to the several States.
Page 61 - Nothing in this title shall be construed to exempt any real property acquired and held by the Administrator under this title from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed.

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