(Download) "Van Allen v. the Assessors" by United States Supreme Court " eBook PDF Kindle ePub Free
eBook details
- Title: Van Allen v. the Assessors
- Author : United States Supreme Court
- Release Date : January 01, 1865
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 72 KB
Description
The decree of the Court of Appeals, from which this case comes to us, must be reversed, on the ground that the enabling act of the State of New York, passed March 9, 1865, does not conform to the limitations prescribed by the forty-first section of the act of Congress, passed June 3, 1864, organizing the national banks, and providing for their taxation. The defect is this: one of the limitations in the act of Congress is, 'that the tax so imposed under the laws of any State upon the shares of the associations authorized by this act, shall not exceed the rate imposed upon the shares of any of the banks organized under the authority of the State where such association is located.' The enabling act of the State contains no such limitation. The banks of the State are taxed upon their capital; and although the act provides that the tax on the shares of the national banks shall not exceed the par value, yet, inasmuch as the capital of the State banks may consist of the bonds of the United States, which are exempt from State taxation, it is easy to see that this tax on the capital is not an equivalent for a tax on the shares of the stockholders. This is an unimportant question, however, as the defect may be readily remedied by the State legislature.
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