Report of the Committees on Finance and Judiciary, on House bill no. 85.

[Michigan?] : [publisher not identified], [1867]

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(NNC-L)LLMC1379064288
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Report of Michigan Senate committees on House bill No. 85, entitled "A bill to tax banking associations organized under the laws of the United States." The committees conclude, "Upon a full consideration of the whole subject, the commit­tees are of the opinion that a specific tax, as contemplated by the provisions of this bill, cannot be enforced against the national banks doing business in this State, and that the only mode of reaching them by taxation, is by a tax upon the share-holders. To accomplish this result, it may be necessary to so amend the general banking law as to provide for a tax upon the share-holders instead of upon the capital stock of State banks. And also to so amend the general tax laws as to enumerate shares in State banks and national banks, as liable to taxation like other personal property." (Page 4). The report is signed by V.P. Collier, Chairman Finance Committee; C.M. Croswell, Chairman Judiciary Committee.

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