First Federal Savings & Loan Ass'n v. Commonwealth

Opinion by

President Judge Bowman,

This is an appeal from a decision of the Board of Finance and Revenue denying First Federal Savings and Loan Association of Hazleton’s (appellant) petition for review of the resettlement of its Mutual Thrift Institutions (MTI) tax for the year ending December 31, 1971.1 In determining the appellant’s *361net earnings, upon which the tax is based, the Department of Revenue (Department) included interest received on Federal obligations. Appellant asserts that the inclusion of such interest is prohibited in view of the provisions of the Act of August 31, 1971, P.L.…