General Securities Co. v. Williams

Mr. Chibe Justice, Green

delivered the opinion of the Court.

This is a suit to recover the corporation excise tax for 1928, paid by the complainant under protest, on the theory that the statute authorizing* the said tax is unconstitutional, or in the alternative, if the statute is valid, to recover part of said tax said to have been illegally exacted. A demurrer to the bill was sustained by the chancellor and the complainant has appealed.

The statute in question, chapter 21 of the Acts of 1923, imposes an annual excise tax upon corporations' doing business in Tennessee ‘‘ equal to three per…