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There is one summary for this bill. Bill summaries are authored by CRS.

Act to Regulate State Taxation of Federally Insured Financial Institutions - Provides that, for the purposes of any tax law enacted under authority of the United States or any State, a federally chartered financial institution shall be treated as an institution organized and existing under the laws of the State or other jurisdiction within which its principal office is located.

Permits a State or political subdivision thereof to impose on any federally insured institution having its principal office within the State any tax that is imposed generally on a nondiscriminatory basis throughout the jurisdiction, except that no tax may be imposed on intangible personal property owned by any such institution unless there is a beneficial owner of such property held by such an institution in a fiduciary capacity.

Allows the legislature of a State to impose taxes on any federally insured financial institution not having its principal office in such State provided that the taxes are imposed generally throughout the jurisdiction on a nondiscriminatory basis. States that such taxes include: (1) sales taxes and use taxes; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes on the execution, delivery, or recordation of documents within such jurisdiction; and (4) payroll taxes based on persons employed in such jurisdiction.

Requires the Board of Governors of the Federal Reserve System to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State insured commercial banks and to submit a report of the results of its study and recommendations no later than June 30, 1974.

There is one summary for this bill. Bill summaries are authored by CRS.

Act to Regulate State Taxation of Federally Insured Financial Institutions - Provides that, for the purposes of any tax law enacted under authority of the United States or any State, a federally chartered financial institution shall be treated as an institution organized and existing under the laws of the State or other jurisdiction within which its principal office is located.

Permits a State or political subdivision thereof to impose on any federally insured institution having its principal office within the State any tax that is imposed generally on a nondiscriminatory basis throughout the jurisdiction, except that no tax may be imposed on intangible personal property owned by any such institution unless there is a beneficial owner of such property held by such an institution in a fiduciary capacity.

Allows the legislature of a State to impose taxes on any federally insured financial institution not having its principal office in such State provided that the taxes are imposed generally throughout the jurisdiction on a nondiscriminatory basis. States that such taxes include: (1) sales taxes and use taxes; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes on the execution, delivery, or recordation of documents within such jurisdiction; and (4) payroll taxes based on persons employed in such jurisdiction.

Requires the Board of Governors of the Federal Reserve System to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State insured commercial banks and to submit a report of the results of its study and recommendations no later than June 30, 1974.

There is one summary for this bill. Bill summaries are authored by CRS.

Act to Regulate State Taxation of Federally Insured Financial Institutions - Provides that, for the purposes of any tax law enacted under authority of the United States or any State, a federally chartered financial institution shall be treated as an institution organized and existing under the laws of the State or other jurisdiction within which its principal office is located.

Permits a State or political subdivision thereof to impose on any federally insured institution having its principal office within the State any tax that is imposed generally on a nondiscriminatory basis throughout the jurisdiction, except that no tax may be imposed on intangible personal property owned by any such institution unless there is a beneficial owner of such property held by such an institution in a fiduciary capacity.

Allows the legislature of a State to impose taxes on any federally insured financial institution not having its principal office in such State provided that the taxes are imposed generally throughout the jurisdiction on a nondiscriminatory basis. States that such taxes include: (1) sales taxes and use taxes; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes on the execution, delivery, or recordation of documents within such jurisdiction; and (4) payroll taxes based on persons employed in such jurisdiction.

Requires the Board of Governors of the Federal Reserve System to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State insured commercial banks and to submit a report of the results of its study and recommendations no later than June 30, 1974.

There is one summary for this bill. Bill summaries are authored by CRS.

Act to Regulate State Taxation of Federally Insured Financial Institutions - Provides that, for the purposes of any tax law enacted under authority of the United States or any State, a federally chartered financial institution shall be treated as an institution organized and existing under the laws of the State or other jurisdiction within which its principal office is located.

Permits a State or political subdivision thereof to impose on any federally insured institution having its principal office within the State any tax that is imposed generally on a nondiscriminatory basis throughout the jurisdiction, except that no tax may be imposed on intangible personal property owned by any such institution unless there is a beneficial owner of such property held by such an institution in a fiduciary capacity.

Allows the legislature of a State to impose taxes on any federally insured financial institution not having its principal office in such State provided that the taxes are imposed generally throughout the jurisdiction on a nondiscriminatory basis. States that such taxes include: (1) sales taxes and use taxes; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes on the execution, delivery, or recordation of documents within such jurisdiction; and (4) payroll taxes based on persons employed in such jurisdiction.

Requires the Board of Governors of the Federal Reserve System to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State insured commercial banks and to submit a report of the results of its study and recommendations no later than June 30, 1974.