12 U.S.C. § 627
State taxation
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.
Notes of Decisions
Cited in 3
cases, 1978–1987 · leading case: City of Houston v. Morgan Guar. Int'l Bank, 666 S.W.2d 524 (Tex. App. 1983).
City of Houston v. Morgan Guar. Int'l Bank, 666 S.W.2d 524 (Tex. App. 1983). “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.”
First Fed. Sav. & Loan Ass'n v. Tax Comm'n, 437 U.S. 255 (1978). “) (national banks); 12 U. S. C. § 627 (1976 ed.) (corporations federally authorized to engage in foreign banking).”
Cont'l Bank Int'l v. City of New York Dep't of Fin., 506 N.E.2d 525 (NY 1987). “Petitioner urges that 12 USC § 627 reflects a congressional intent to prohibit taxation of these new branch offices of Edge Act banks.”
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