Reconstruction Finance Corporation v. Beaver County

By § 10 of the Reconstruction Finance Corporation Act, as amended, 47 Stat. 5, 9; 55 Stat. 248, Congress made it clear that it did not permit States and local governments to impose taxes of any kind on the franchise, capital, reserves, surplus, income, loans, and personal property of the Reconstruction Finance Corporation or any of its subsidiary corporations. Congress provided in the same section that “any real property” of these governmental agencies “shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property…