Court Opinion

ID: 9851467
Source: CourtListenerOpinion
Date Created: 2023-09-24 05:13:12.15069+00
Date Added: 2024-06-11T09:20:56.911273
License: Public Domain

Duckworth, Chief Justice,
dissenting. The sole and only “exemption” or “immunity” national banks have is that, when the State adopts one of the four different methods of taxation consented to by Congress (12 U. S. C. A. § 548), the bank is exempt or immune from any of the other methods of taxation. When the present act provides that building and loan associations, etc., shall have the same exemptions and immunities granted national banks, it must mean that they can be subjected to one and only one of the specific methods of taxation. Goodwin v. Citizens & Southern Nat. Bank, 209 Ga. 908 (76 S. E. 2d 620). Therefore, when the act does tax the net worth, it can not impose a further tax if the exemption clause is to have any meaning whatever.