Corporate Loans Tax on Bank Deposits

Moyer, Deputy Attorney General,

You have asked to be advised whether deposits in incorporated banks, upon which interest is paid, are subject to corporate loans tax under the provisions of section 17 of the Act of June 17,1913, P. L. 507, as amended.

The Act of July 15,1919, P. L. 955, amended section 17 of said Act of 1913 as indicated by the words in italics in the following passage therefrom:

“Section 17. That all scrip, bonds, certificates and evidences of indebtedness issued, and all scrip, bonds, certificates and evidences of indebtedness assumed, or on which interest shall be paid, by any…