Section 2 Historical Perspective?Taxation of National Banks
Library | Tax Law 2009 |
The Missouri Bank Tax, insofar as it applies to national banks, depends on the federal statutes authorizing states to assess taxes against national banks. Chapter 148, RSMo, therefore, must be
read and interpreted in conjunction with the federal statutes and authorities. Thus, this chapter provides a review of the history of taxation of national banks under state and federal law. Since the Supreme Court decision in McCulloch v. State of Maryland, 17 U.S.
(4 Wheat.) 316 (1819), national banks have been recognized as immune from state taxation under the federal constitution. But because of the expanding, nongovernmental activities of national banks, state legislation and courts attempted to circumvent this immunity. See, e.g., Liberty Nat’l Bank & Trust Co. v. Buscaglia,
235 N.E.2d 101 (N.Y. 1967); First Agric. Nat’l Bank of Berkshire County v. State Tax Comm’n, 229 N.E.2d 245 (Mass. 1967). But on appeal of the latter case, the United States Supreme Court upheld the national bank immunity from state taxation. First Agric. Nat’l Bank of Berkshire County v. State Tax Comm’n, 392 U.S. 339 (1968).
The state tax immunity of national banks generally does not apply to bank holding companies or subsidiaries of national banks. See, e.g., Oliver Continuous Filter Co. v. McColgan, 120 P.2d 682 (Cal. App. 1942) (franchise tax on bank holding companies was allowed); Ariz. State Tax Comm’n v. First Bank Bldg. Corp., 429 P.2d 481 (Ariz. App. 1967) (transaction privilege tax assessed against national bank subsidiary was allowed). But at least one court has held that state banks that are members of...
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- Section 1 Banks Generally
- Section 2 Historical Perspective?Taxation of National Banks
- Section 3 History of Bank Taxation in Missouri
- Section 4 Interstate Taxation of Banks
- Section 5 Relation to Other Taxes
- Section 6 Carrying Cost Deductibility of Exempt United States Government Securities
- Section 7 Banks Subject to the Tax
- Section 8 Dual Tax Base: Chapter 147, RSMo, Corporate Franchise Tax, and Preceding Year?s Net Income
- Section 9 Preceding Year?s Net Income
- Section 10 Gross Income
- Section 11 Deductions
- Section 12 Credits Against Taxes
- Section 13 Apportionment
- Section 14 Short-Base Years
- Section 15 Method of Accounting
- Section 16 Ordering and Use of State Tax Credits
- Section 17 Special Tax Treatment for Banks Electing Subchapter S Status and Their Shareholders
- Section 18 Department of Revenue Forms and Subchapter S Bank-Related Issues
- Section 19 Due Dates, Extensions, and Interest
- Section 20 Claims for Refund
- Section 21 Statute of Limitations on Assessments
- Section 22 Protest and Hearings, Determinations, and Appeals
- Section 23 Constitutional Conflicts Among Political Subdivisions
- Section 24 Responsibilities of Director of Revenue
- Section 25 Deposits of Bank Taxes
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