12 U.S.C. § 627 — State taxation

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 92 words · no verdicts yet

in plain englishAI-generated · not legal advice

A covered corporation and its shares are taxed by the State where its home office is located like comparable State corporations and their shares.

A corporation organized under this subchapter is subject to tax by the State where its home office is located in the same way and to the same extent as other corporations organized under that State’s laws and doing a similar kind of business. The corporation’s shares are also taxable as the owners’ or holders’ personal property in the same way and to the same extent as shares of similar State corporations.

the actual law source: uscode.house.gov ↗public domain

Any corporation organized under the provisions of this subchapter shall be subject to tax by the State within which its home office is located in the same manner and to the same extent as other corporations organized under the laws of that State which are transacting a similar character of business. The shares of stock in such corporation shall also be subject to tax as the personal property of the owners or holders thereof in the same manner and to the same extent as the shares of stock in similar State corporations.

Source credit: (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 41 Stat. 378
1991Amended · Pub. L. 102-242 · 105 Stat. 2281

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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