Hawkins v. People's Finance & Thrift Co.

Plaintiff, as a domestic industrial loan corporation, duly and legally assessed its capital stock for the year commencing October 1, 1926, and on January 30, 1928, paid under protest the taxes arising from such assessment. This suit followed for a recovery of said taxes so paid, based upon the theory that, under the provisions of section 25 of the General Revenue Law approved July 22, 1927 (Gen. Acts 1927, p. 166), plaintiff was exempt from the assessment and payment of such tax, and that such exemption retrospectively affected the assessments which had been entered for the tax year beginning…