Siegelman v. Chase Manhattan Bank

This case presents the question of whether the financial institution excise tax, levied pursuant to Ala. Code 1975, §40-16-1 et seq., applies to the credit card business conducted by national banks located outside Alabama with Alabama residents. The trial court, relying on this Court's decision inEx parte Dixie Tool Die Co., 537 So.2d 923 (Ala. 1988), held that because Alabama's financial institution excise tax was enacted at a time when the State was prohibited by federal law from taxing out-of-state national banks and the legislature was aware of this federal law when enacting the tax, the…