State Taxation of Depositories Act

Summary

Extends through 1974 the authority of the Federal Reserve System to regulate interest rates or dividends payable by financial institutions. Provides means whereby private financial institutions can assist in providing housing, particularly for families of low- or moderate-income, by purchasing stock of and investing in loans to any such State housing corporation situated in the particular State in which the Federal savings and loan association or national bank involved is located. Provides for premium payments by insured savings and loan associations to the Federal Savings and Loan Insurance Corporation. Requires each insured institution to make such deposits in the Corporation as may from time to time be required by call of the Federal Home Loan Bank Board. State Taxation of Depositories Act - Provides that the legislature of a State may impose, and may authorize any political subdivision thereof to impose, the following taxes and only such taxes on any insured depository not having its principal office within such State: (1) sales taxes and use taxes complementary thereto upon purchases, sales, and use within such jurisdiction; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes (including documentary stamp taxes) on the execution, delivery, or recordation of documents within such jurisdiction; (4) taxes on tangible personal property (not including cash or currency) located within such jurisdiction; (5) license, registration, transfer, excise, or other fees or taxes imposed on the ownership, use, or transfer of tangible personal property located within such jurisdiction; and (6) payroll taxes based on persons employed in such jurisdiction. Directs the Advisory Commission on Intergovernmental Relations to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State commercial banks, mutual savings banks, and savings and loan associations. Requires the Commission to make a report of such study no later than December 31, 1974. Authorizes to be appropriated to the Commission such sums as may be necessary to carry out the provisions of this section.

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Timeline

1. 14 May 1973

   Reported

   Reported to Senate from the Committee on Finance, S. Rept. 93-149.

   Source: Committee

2. 14 May 1973

   Reported

   Reported to Senate from the Committee on Finance, S. Rept. 93-149.

   Source: Committee

3. 14 May 1973

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 22 May 1973

   Vote

   Measure passed Senate, amended, roll call #150 (76-0).

   Source: Floor

5. 22 May 1973

   Vote

   Passed/agreed to in Senate: Measure passed Senate, amended, roll call #150 (76-0).

   Source: Floor

Votes

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 14 May 1973

  Open at official source

• Introduced in Senate

  summary · EN · 14 May 1973

  Open at official source

Sponsors

• Sen. Sparkman, John J. [D-AL] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → An Act to extend certain laws relating to the payment of interest on time and savings deposits, to prohibit depository institutions from permitting negotiable orders of withdrawal to be made with respect to any deposit or account on which any interest or dividend is paid, to authorize Federal savings and loan associations and national banks to own stock in and invest in loans to certain State housing corporations, and for other purposes.