Section thirteen of your Government Mortgage Financial Act, and this exempts federal mortgage finance companies and their “advances” from county tax, bars your state from requiring a federal offers and mortgage connection to blow documentary stamp taxation toward promissory notes executed from the organization and only a federal financial lender to pay for financing regarding the financial with the connection. Pp. 365 U. S. 518 -524.
Laurens Fed. S. & L. Assn. v. Tax Fee, 365 You.S. 517 (1961)
(a) The latest disease fighting capability provided so you’re able to “advances” regarding a federal financial lender because of the § 13 of your Federal Financial Lender Operate is actually wider sufficient in order to bar county stamp taxes into the eg financing. Pittman v. House Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.
(b) Section 5(h) of the house Owners’ Mortgage Act out of 1933, that offers one to zero State should tax a federal savings and you may loan association at the a higher rate than just they fees almost every other similar regional common otherwise cooperative thrift and a home loan establishments, didn’t explicitly or impliedly repeal § thirteen of your Government Home loan Bank Operate, and this exempts “advances” of government home loan banking institutions of county tax. Pp. 365 You. S. 522 -524.
U.S. Supreme Judge
Section 13 of your own Government Home loan Bank Act, hence exempts federal financial banking companies and their “advances” regarding condition income tax, taverns a state of demanding a national coupons and financing association to expend documentary stamp taxes for the promissory notes done from the connection and only a national financial bank to pay for money in the financial towards connection. Pp. 365 U. S. 518 -524.
Laurens Given. S. & L. Assn. v. Taxation Commission, 365 You.S. 517 (1961)
(a) New immunity granted so you’re able to “advances” away from a federal financial bank by § 13 of your own Government Financial Bank Act is broad adequate so you can club condition stamp taxes with the like a loan. Pittman v. House Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.
(b) Part 5(h) of the home Owners’ Loan Operate out of 1933, that provides one to no County shall taxation a federal offers and you can financing connection on a higher rate than simply it fees almost every other comparable regional common otherwise collaborative thrift and you can a home loan organizations, don’t expressly otherwise impliedly repeal § 13 of Government Home loan Financial Operate, hence exempts “advances” loan in Decatur Alabama off federal home loan banking institutions of condition tax. Pp. 365 You. S. 522 -524.
Petitioner are a national Discounts and you will Mortgage Organization prepared in Family Owners’ Mortgage Work out of 1933 [Footnote step one] and you will working within the Laurens, South carolina. It’s very a member, which have borrowing privileges, of your Federal Home loan Lender regarding Greensboro, New york, that has been situated according to the Government Financial Financial Work away from 1932. [Footnote dos] With regards to and make home loan currency available in the city that it suits, petitioner Government Discounts and you can Loan Organization has actually, since the August 12, 1953, shielded “advances,” otherwise loans, from the Government Financial Financial from Greensboro totalling $5,675,000, where petitioner performed composed promissory notes for the Financial as the required by brand new 1932 Operate. The official assessed against petitioner documentary stamp taxes within these cards of $2,270 less than a state statute towering an effective stamp taxation to your promissory cards at the price of four dollars on each $100. [Footnote 3] Petitioner repaid this type of taxes lower than protest right after which produced the current step about state court for reimburse of your own percentage, [Footnote cuatro] stating your imposition of taxation constituted a criminal try of the County so you can tax new “advances” of your own Federal Financial Bank from Greensboro in the ticket off the new provision of your 1932