Security Bank Northeast v. Department of Treasury

Plaintiff banks appeal as of right the Court of Claims ruling that certain exemptions from the intangibles tax act (ita), MCL 205.131 et seq.; MSA 7.556(1) et seq., may not be used by plaintiffs to reduce their tax base. We affirm.

Plaintiffs, all banks incorporated and doing business in Michigan, originally filed intangibles tax returns under § 2(b) of the act.1 That subsection allows plaintiffs to compute tax liability on the basis of total deposit liability less governmental deposits, deposits of commercial banks, and items of their own issue. Later, plaintiffs filed amended returns…