Legal Opinion
Fulton Corp. v. Faulkner
Supreme Court of the United States
Decided February 21, 1996No. 94-1239PublishedCited by 218 opinions
1Opinion of the CourtJustice Souter
In this case we decide whether North Carolina’s “intangibles tax” on a fraction of the value of corporate stock owned by North Carolina residents inversely proportional to the corporation’s exposure to the State’s income tax violates the Commerce Clause. We hold that it does.
I
During the period in question here, North Carolina levied an “intangibles tax” on the fair market value of corporate stock owned by North Carolina residents or having a “business, commercial, or taxable situs” in the State. N. C. Gen. Stat. § 105-203 (1992).1 Although the tax was assessed at *328a stated rate of one quarter…
2Cases cited33 opinions
- Powell v. McCormackSupreme Court of the United States · 1969
- Gibbons v. OgdenSupreme Court of the United States · 1824
- Federal Communications Commission v. Beach Communications, Inc.Supreme Court of the United States · 1993
- Complete Auto Transit, Inc. v. BradySupreme Court of the United States · 1977
- Maryland v. LouisianaSupreme Court of the United States · 1981
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3Cited by218 opinions
- Directv, Inc. And Echostar Satellite L.L.C. v. Mark Treesh, Commissioner for the Department of Revenue for the State of KentuckyCourt of Appeals for the Sixth Circuit · 2007
- General Motors Corp. v. TracySupreme Court of the United States · 1997
- Camps Newfound/Owatonna, Inc. v. Town of HarrisonSupreme Court of the United States · 1997
- Department of Revenue of Kentucky v. DavisSupreme Court of the United States · 2008
- Grant's Dairy—Maine, LLC v. Commissioner of Maine Department of Agriculture, Food & Rural ResourcesCourt of Appeals for the First Circuit · 2000
213 more not listed; retrieve them via the Exa API.