Penn Mut. Life Ins. Co. v. State

Section 54 of the Revenue Act of 1927 (Gen. Acts 1927, p. 176) says: “That every corporation organized under the laws of any other state, nation, or territory, and doing business in this State, except strictly benevolent, educational or religious corporations, shall pay annually to the State an annual franchise tax of Two Dollars ($2.00) on each One Thousand Dollars of the actual amount of capital employed in this State. In ascertaining the annual franchise tax which shall be paid by any foreign corporation doing business in this State under this section, there shall be deduoed from the…