Bank Tax Case
Supreme Court of the United States
A statute .of the State of ‘New York, passed in 1857, making some modifications of previous acts of 1823, 1825, and 1830, enacted that the capital stock of the-banks of the State.< should-be “ assessed at its actual value, and taxed in the. same manner as other personal and real estate of the country.”
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A statute .of the State of ‘New York, passed in 1857, making some modifications of previous acts of 1823, 1825, and 1830, enacted that the capital stock of the-banks of the State.< should-be “ assessed at its actual value, and taxed in the. same manner as other personal and real estate of the country.” After the passage of this act, several of the banks became owners of large amounts of the bonds of the United States, in regard to which Congress enacts* that “ whether held by individuals or corporations, they shall be exempt from taxation by or under State authority.” On a question between ’…
1Opinion of the CourtJustice Nelson
The question-involved is,-whether or not the stock of the United States, in -which the capital of the Bauk of the Com-' monwealth is invested, is liable to taxation by the State of New York, under an act passed by its legislature -29th of April, 1863,' or, to state the question more directly, whether or not that act imposes a tax upon these stocks thus invested in the capital of the bank ?
It will be remembered that the previous act, the act of 1857, directed that the capital stock of the banks should be assessed and taxed at its actual value. By the present act, as is seen, the tax is imposed…
2Cases cited1 opinion
- New York Ex Rel. Bank of Commerce v. Commissioners of TaxesSupreme Court of the United States · 1863
3Cited by75 opinions
- South Carolina v. United StatesSupreme Court of the United States · 1905
- Van Brocklin v. TennesseeSupreme Court of the United States · 1886
- Farrington v. TennesseeSupreme Court of the United States · 1878
- Sturges v. CarterSupreme Court of the United States · 1885
- Cook v. PennsylvaniaSupreme Court of the United States · 1878
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