Point 13 of your Federal Home loan Lender Work, and that exempts government mortgage finance companies as well as their «advances» away from county income tax, bars your state from requiring a federal offers and you can loan connection to blow documentary stamp fees towards the promissory notes carried out of the organization and only a national financial lender to cover fund on lender into relationship. Pp. 365 U. S. 518 -524.
Laurens Fed. S. & L. Assn. v. Taxation Percentage, 365 U.S. 517 (1961)
(a) The new immunity system provided so you can «advances» regarding a federal home loan lender because of the thirteen of Government Home loan Bank Work try large sufficient in order to bar state stamp fees towards including that loan. Pittman v. House Owners’ Mortgage Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.
(b) Area 5(h) of the property Owners’ Financing Act away from 1933, that provides you to definitely zero State shall tax a federal offers and you may financing connection at a high rate than simply it taxes most other comparable local common or cooperative thrift and you can home financing institutions, didn’t explicitly otherwise impliedly repeal 13 of your Government Mortgage Lender Act, and therefore exempts «advances» from government financial finance companies of state taxation. Pp. 365 You. S. 522 -524.
You.S. Supreme Court
Part 13 of your own Federal Mortgage Financial Operate, and therefore exempts government financial banks as well as their «advances» out-of state taxation, pubs your state of demanding a national deals and you can financing association to invest documentary stamp taxes into the promissory cards carried out of the connection in support of a federal financial lender to cover loans throughout the financial to the organization. Pp. 365 You. S. 518 -524.
Laurens Fed. S. & L. Assn. v. Income tax Commission, 365 U.S. 517 (1961)
(a) The immunity system granted to help you «advances» from a federal home loan bank by the 13 of one’s Government Financial Financial Act try broad enough to help you club condition stamp taxation towards such as financing. Pittman v. Home Owners’ Financing Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.
(b) Area 5(h) of the home Owners’ Financing Operate out of 1933, that provides one zero County should tax a national discounts and loan association in the a high rate than they taxation other equivalent regional shared otherwise collaborative thrift and you will home financing associations, failed to explicitly otherwise impliedly repeal thirteen of your own Federal Home loan Financial Operate, and this exempts «advances» off government home loan banking companies away from condition tax. Pp. 365 You. S. 522 -524.
Petitioner is actually a national Discounts and you may Financing Organization structured according to the Household Owners’ Mortgage Act from 1933 [Footnote step one] and you will working when you look at the Laurens, South carolina. It is extremely an associate, with credit benefits, of your own Government Mortgage Lender out of Greensboro, Vermont, which had been depending according to the Federal Financial Bank Act out-of 1932. [Footnote 2] For the true purpose of and come up with mortgage currency found in the community that it provides helpful hints, petitioner Government Deals and you will Loan Connection features, as the August a dozen, 1953, shielded «enhances,» or finance, throughout the Federal Home loan Bank regarding Greensboro totalling $5,675,000, in which petitioner done composed promissory notes into the Lender while the necessary for the newest 1932 Act. The official analyzed up against petitioner documentary stamp fees on these notes out-of $2,270 under a state law towering a good stamp income tax on the promissory cards during the price regarding four dollars on each $100. [Footnote step 3] Petitioner paid back these types of fees lower than protest immediately after which brought the current step regarding the condition courtroom to own reimburse of one’s payment, [Footnote cuatro] saying your imposition of the taxes constituted an unlawful attempt by Condition in order to taxation the brand new «advances» of your Federal Mortgage Lender away from Greensboro within the pass out-of brand new provision of 1932