People ex. rel. Poughkeepsie Trust Co. v. Lane
New York Supreme Court
Certiorari to review the action of the assessor and board of review of assessments of the city of Poughkeepsie in assessing the relator on its personal property, i. e., its capital stock, surplus and undivided profits for the purpose of local taxation, and to have such assessment cancelled.
1Opinion of the Court
Gaynor, J.:
The personal property of trust companies is . exempted from local assessment and taxation by section 202 of the Tax Law as amended by chapter 132 of the laws of 1901. This same act inserts a new section in the Tax Law, *2viz., section 187a, which requires every trust company to pay to the state annually a tax of one per cent, on its capital stock, surplus and undivided profits, “ for the privilege of exercising its corporate franchise.” And the said amendment of section 202 provides that the personal property of corporations taxable under section 187a (and only trust companies are…
2Cited by5 opinions
- Alcoa Edgewater No. 1 Fed. Credit Union v. CarrollSupreme Court of New Jersey · 1965
- State v. RobinsonNew Jersey Superior Court Appellate Division · 1965
- Selimo v. HartshornNew Jersey Superior Court Appellate Division · 1968
- Booker v. Board of Education of City of PlainfieldSupreme Court of New Jersey · 1965
- In Re ThompsonNew Jersey Superior Court Appellate Division · 1969