Point 13 of your Federal Mortgage Bank Act, and therefore exempts federal mortgage banks and their “advances” from state income tax, taverns a state from demanding a national discounts and you may loan association to blow documentary stamp fees on the promissory cards conducted by connection and only a federal mortgage financial to pay for funds throughout the financial on connection. Pp. 365 You. S. 518 -524.
Laurens Fed. S. & L. Assn. v. Income tax Commission, 365 You.S. 517 (1961)
(a) The brand new immunity offered so you’re able to “advances” away from a national mortgage bank of the 13 of Government Home loan Financial Act was greater enough to help you bar county stamp taxation to your such as for instance that loan. Pittman v. Domestic Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.
(b) Part 5(h) of the house Owners’ Mortgage Act away from 1933, that provides one no State shall income tax a national deals and you will financing association within a higher rate than they taxation most other equivalent regional shared otherwise cooperative thrift and you can a mortgage associations, did not expressly otherwise impliedly repeal 13 of one’s Government Home loan Financial Act, which americash loans Fraser CO exempts “advances” away from government home loan banks regarding condition income tax. Pp. 365 You. S. 522 -524.
You.S. Supreme Court
Part 13 of the Federal Home loan Financial Work, and that exempts government mortgage banking companies as well as their “advances” away from county taxation, taverns a state out of requiring a national coupons and you can mortgage organization to blow documentary stamp taxation into promissory cards performed of the connection in support of a national financial financial to fund financing about financial on association. Pp. 365 You. S. 518 -524.
Laurens Given. S. & L. Assn. v. Tax Payment, 365 U.S. 517 (1961)
(a) The new immune system provided in order to “advances” regarding a national home loan financial by the 13 of your own Federal Home loan Financial Act is greater adequate in order to pub state stamp fees on including a loan. Pittman v. Domestic Owners’ Loan Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.
(b) Area 5(h) of the property Owners’ Mortgage Work regarding 1933, that gives one to zero County shall tax a national deals and you may mortgage association in the a higher rate than they taxes most other equivalent regional shared or cooperative thrift and you can a mortgage establishments, don’t expressly otherwise impliedly repeal 13 of Government Mortgage Financial Work, and that exempts “advances” off federal financial banking companies off state income tax. Pp. 365 You. S. 522 -524.
Petitioner is actually a federal Deals and you will Mortgage Organization structured underneath the Domestic Owners’ Loan Work regarding 1933 [Footnote step 1] and you will working inside the Laurens, South carolina. It is also an associate, having borrowing from the bank privileges, of Federal Mortgage Financial out of Greensboro, Vermont, which was depending in Government Mortgage Lender Act out-of 1932. [Footnote dos] For the intended purpose of and come up with mortgage money found in town which it caters to, petitioner Government Coupons and you will Loan Connection has, just like the August twelve, 1953, protected “improves,” or fund, on Federal Home loan Bank of Greensboro totalling $5,675,000, where petitioner carried out written promissory notes with the Lender since the necessary for the 1932 Operate. The state analyzed facing petitioner documentary stamp taxes during these notes away from $dos,270 significantly less than a state law towering a stamp income tax on the promissory cards in the speed off four cents on each $100. [Footnote 3] Petitioner paid off these types of fees less than protest and introduced the present step regarding the county court getting refund of your own commission, [Footnote 4] stating the imposition of taxation constituted an unlawful decide to try by County to taxation the latest “advances” of one’s Federal Mortgage Bank of Greensboro into the admission away from the fresh new supply of your own 1932