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, Volum 28
U.S. Government Printing Office, 1969 - 47 sider
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Administrators Agricultural National Bank amended annually applied Association authority Banking and Currency BERTRAM bill bill to clarify Chairman City clarify the liability Commissioner Committee Committee on Banking Commonwealth competitive Comptroller concerned CONGRESS THE LIBRARY consideration considered constitutional corporations Department DEPARTMENT OF REVENUE Director enacted enjoy equality estimated exemption exist favorable Federal Reserve fiscal Florida functions Government hearings held hold House of Representatives immunity imposed income institutions interest involved issue Justice legislation letter liability of national LIBRARY OF CONGRESS limits located loss Maryland Massachusetts matter measured Member Michigan million national banks October operations passed Pennsylvania permit PODELL present property taxes proposed purchases question recent referred refunds resolution respect response result rule sales tax shares Sincerely Stat statute supra Supreme Court decision System taxation taxation of national tion truly United urge Washington WRIGHT PATMAN York
Side 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...
Side 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...
Side 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.
Side 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.
Side 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...
Side 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...
Side 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.
Side 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.
Side 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.
Side 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.