People ex rel. Royal Bank of Canada v. Loughman

The relator, The Royal Bank of Canada, on February 26, 1927, filed a return with the State Tax Commission showing its condition on December 31, 1926, and that it employed money capital invested in this State in the amount of $5,213,270.51 upon which it paid a tax of one per cent in the sum of $52,132.70.

In 1926 the Legislature enacted chapter 286, which went into effect March 31, 1927. Under that law, which in part added article 9-B to the Tax Law, it was provided that “ every taxpayer, on or before September first, nineteen hundred and twenty-seven, and annually thereafter, shall make a…