Dominion National Bank v. Olsen

OPINION

HARBISON, Justice.

In this case three Virginia banks have filed an action for declaratory and injunc-tive relief, contending that a 1982 amendment to the Tennessee domestic income tax statutes discriminates against interstate commerce. The statute in question, Tennessee Public Acts 1982, Chapter 652 amended T.C.A. § 67-2601(b) so as to make taxable to Tennessee residents interest income on long-term certificates of deposit1 *216in out-of-state banks. Previously all interest on certificates of deposit had been exempted, and after the 1982 statute, interest on such certificates of…