State and Local Taxation of Banks, Part III, Apendixes to a Report of a Study Under Public Law 91-156, Prepared by the Board Or Governors of the Federal Reserve System ....

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Contents

Page
44
25
46
Table E Ratios of total State and local tax expenses of all insured com
52
Table F Selected ratios relating to level of bank taxes and of total State
55
Appendix 4Information and Opinions on State and Local Taxation
61
Appendix 4Information and Opinions on State and Local Taxation
73
State Sales and Use Taxes Reported to be Applicable to Domestic
77
B Interstate Division of the Tax Base_
88
States Reporting Local Taxes Applicable to Commercial Banks
94
Table B2 State taxes reported applicable to commercial banks
112
Table B6 Status of State taxation of outofstate banks and other finan
122
Table B9 Method of interstate division of the tax base by kind of busi Page ness and measure of tax 3 451 through 3 454
127
Table B10 State positions on consolidation or combination of affiliated corporations in determining the tax base 3 51 3 52 3 53 3 54
128
Appendix 5Responses of State Bank Supervisors to the Boards Inquiry
129
Question 3
134
Number of States distributed by the ratio of State and local taxes
139
Recent Changes or Developments Reported by State Banking Supervisors which Affect State or Local Taxation of Banks
140
Likely Future State and Local Bank Tax Developments Reported by State Banking Supervisors
142
Appendix 6The History and Impact of Section 5219 on the Taxation
145
B National Bank Act of June 3 1864_
146
1865__
148
1875
149
1894
150
G The Federal Reserve Act of 1913_
154
18641921
159
85
166
1920__
195
A question of procedure
197
Attitudes of State officials and Members of Congress
198
Position of banks_
199
Effects of Richmond decision_
201
1923_
202
Legislative history of 1923 amendment_
204
Hearings on H R 9579_
206
Senate action___
208
Nature of debate_
209
Validation controversy
212
1926
213
Events of 1924 and 1925
215
The Guthrie Center case
216
Changes made by 1926 amendment
217
Defects of 1926 amendment
218
19261969_
221
19271935
222
19411954_
233
Banks and interstate commerce_
238
1967
243
Estimated true value of all taxable property 18501922_
290
1922
291
1927
292
1927_
293
1927
294
Impact on section 5219_
296
196667___
300
Governmental revenue 196667
301
Year of adoption of State general sales taxes in States that used the tax January 1 1970
302
Dates of adoption of State income taxes in States that used the tax January 1 1970
303
State and local real estate transfer taxes January 1 1970
305
E State bank tax legislation_
308
Principal bank tax categories by number of States 1969
313
196970_
317
196970_
330
196970_
333
20A Treatment of interest received on governmental obligations as an element in State and local taxes measured by net or gross income of commerci...
336
Gross income taxes on banks
346
Appendix 7Economic Impacts of Particular State and Local Taxes
355
b How to Distinguish the Effects of a Tax from the Effects of the Use Made of Its Revenue_
356
d Relation between Tax Shifting and Tax Neutrality
357
e Supply and Demand in the Banking Industry
358
f Taxes Included in the Present Study
359
Corporation Income Tax___
360
b Geographical Neutrality
364
c Technical Neutrality
365
Derivation of Formula for Net Additional Burden of State Income Tax_____
366
Taxation of Bank Dividends__
367
b Under Corporation Income Taxes
368
Retail Sales Taxes and Gross Receipts Taxes
373
ii Geographical Neutrality
375
b Gross Receipts Taxes
376
Taxation of Bank Assets___
377
i Industrial Neutrality
381
ii Geographical Neutrality
383
Appendix 8Treatment of Intangible Personality in the StateLocal
393
Appendix 9Comparing State and Local Taxation of Banks and Other
399
Appendix 10Liability of National Banks for Generally Applicable State
415
Gross receipts
431
Appendix 11Federal Constitutional Limitations on State Taxation
435
Accounting Data Processing and Miscellaneous Activities_
445
126
462
Property Taxes
471
Division of
481
Taxation of intercompany dividends_
521
Appendix 14The Question of Possible Discrimination Against Outof
523

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Page 293 - ... (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 merely personal investments not made in competition with such business, shall...
Page 6 - ... income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency or possession thereof, or by any State, county, municipality or local taxing authority ; except that any real property of the corporation shall be subject to State, Territorial, county, municipal or local taxation to the same extent, according to its value, as other real property is taxed.
Page 1 - 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. Nothing herein shall be construed to exempt the real property of associations from either State, county, or municipal taxes, to the same extent, according to its value, as other real property is taxed.
Page 7 - The Corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority...
Page 5 - That every Federal land bank and every national farm loan association, including the capital and reserve or surplus therein and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation...
Page 145 - Provided, That nothing in this act shall be construed to prevent all the shares in any of the said associations, held by any person or body corporate, from being included in the valuation of the personal property of such person or corporation in the assessment of taxes imposed by or under State authority at the place where such bank is located, and not elsewhere...
Page 503 - That it is hereby declared to be the legislative intent that every person is exercising a taxable privilege who engages in the business of selling tangible personal property at retail...
Page 4 - 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 6 - Corporation shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States...
Page 518 - Congress hereby declares that the continued regulation and taxation by the several States of the business of insurance is in the public interest...

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