Act To Regulate State Taxation of Federally Insured Financial Institutions

Summary

Act to Regulate State Taxation of Federally Insured Financial Institutions - Provides that, for the purposes of any tax law enacted under authority of the United States or any State, a federally chartered financial institution shall be treated as an institution organized and existing under the laws of the State or other jurisdiction within which its principal office is located. Permits a State or political subdivision thereof to impose on any federally insured institution having its principal office within the State any tax that is imposed generally on a nondiscriminatory basis throughout the jurisdiction, except that no tax may be imposed on intangible personal property owned by any such institution unless there is a beneficial owner of such property held by such an institution in a fiduciary capacity. Allows the legislature of a State to impose taxes on any federally insured financial institution not having its principal office in such State provided that the taxes are imposed generally throughout the jurisdiction on a nondiscriminatory basis. States that such taxes include: (1) sales taxes and use taxes; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes on the execution, delivery, or recordation of documents within such jurisdiction; and (4) payroll taxes based on persons employed in such jurisdiction. Requires the Board of Governors of the Federal Reserve System to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State insured commercial banks and to submit a report of the results of its study and recommendations no later than June 30, 1974.

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1 official file

• Introduced in Senate

  summary · EN · 11 January 1973

  Open at official source

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