Laurens Given. S. & L. Assn. v. Income tax Commission, 365 U.S. 517 (1961)
Part thirteen of your Government Financial Bank Act, and therefore exempts government mortgage banks as well as their “advances” away from state tax, pubs a state out-of demanding a national discounts and mortgage organization to invest documentary stamp fees on promissory cards done by the relationship in support of a national mortgage lender to cover funds on bank on association. Pp. 365 You. S. 518 -524.
Laurens Provided. S. & L. Assn. v. Income tax Payment, 365 You.S. 517 (1961)
(a) Brand new immunity provided to “advances” out of a federal home loan lender by the thirteen of your Government Mortgage Lender Work was large adequate to help you club state stamp taxes with the instance financing. Pittman v. Domestic Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 You. S. 519 -522.
(b) Part 5(h) of the home Owners’ Financing Work off 1933, that provides you to definitely zero Condition shall taxation a federal deals and you can financing organization on a higher rate than it taxes almost every other comparable regional common or collaborative thrift and home financing organizations, didn’t explicitly otherwise impliedly repeal thirteen of the Government Home loan Lender Work, and that exempts “advances” out of federal home loan banking companies out of state tax. Pp. 365 U. S. 522 -524.
You.S. Best Legal
Area thirteen of your Federal Financial Financial Work, hence exempts federal home loan banking institutions and their “advances” regarding county taxation, bars your state off demanding a national discounts and you may financing association to invest documentary stamp fees towards promissory cards carried out by the relationship in favor of https://paydayloanalabama.com/sulligent/ a federal financial financial to fund funds regarding financial into association. Pp. 365 You. S. 518 -524.
Laurens Fed. S. & L. Assn. v. Taxation Payment, 365 You.S. 517 (1961)
(a) This new immunity system provided so you’re able to “advances” out-of a federal home loan lender from the thirteen of your Government Mortgage Bank Work is wider enough in order to bar county stamp taxation for the such as for instance financing. Pittman v. House Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 You. S. 519 -522.
(b) Part 5(h) of the house Owners’ Loan Work of 1933, which provides one zero Condition shall taxation a national deals and you will financing connection within a higher rate than it taxes most other comparable local shared or collaborative thrift and you may home financing establishments, didn’t explicitly otherwise impliedly repeal thirteen of your own Federal Financial Lender Work, which exempts “advances” regarding federal mortgage banks away from state income tax. Pp. 365 U. S. 522 -524.
Petitioner is a federal Savings and you can Loan Organization prepared in Family Owners’ Mortgage Operate of 1933 [Footnote step 1] and you can doing business within the Laurens, Sc. It is reasonably a member, which have borrowing from the bank rights, of your own Federal Financial Lender of Greensboro, New york, which had been created underneath the Government Mortgage Lender Work off 1932. [Footnote 2] For the purpose of and work out mortgage currency in town it provides, petitioner Federal Deals and you may Mortgage Association provides, given that August several, 1953, safeguarded “enhances,” otherwise financing, regarding the Federal Home loan Financial out-of Greensboro totalling $5,675,000, for which petitioner performed written promissory cards on the Financial given that required by the latest 1932 Operate. The official assessed up against petitioner documentary stamp taxation throughout these cards off $2,270 lower than a state statute imposing good stamp taxation with the promissory notes within speed out of five dollars on each $100. [Footnote step 3] Petitioner paid off such fees lower than protest and put the current action throughout the condition courtroom having reimburse of one’s percentage, [Footnote 4] saying that imposition of your own fees constituted a criminal shot by the County in order to taxation the fresh new “advances” of Government Mortgage Lender from Greensboro in the violation out of this new provision of 1932