Owensboro National Bank v. Owensboro

Citations

• 173 U.S. 664
• 19 S. Ct. 537
• 43 L. Ed. 850
• 1899 U.S. LEXIS 1471
• 3 A.F.T.R. (P-H) 2670

Syllabus

<p>A State is wholly without power to levy any tax, either direct or indirect, upon national -banks, their property, assets or franchises, except when permitted so to do by the legislation of Congress.</p> <p>Section 5219 of the Revised Statutes is the measure of the power of States - to tax national banks, their property or their franchises, that power being confined-to a taxation of the shares of stock in the names of the shareholders, and to an assessment of the real estate of the bank.</p> <p>-The taxing law of the State of Kentucky, under the provisions of which the tax in controversy in this case was imposed, is beyond the authority conferred by Congress on the States, and is void for repugnancy to that act.</p> <p>The tax here complained of having been assessed on the franchise or intangible property of the corporation, was not within the purview of the authority conferred by the act of Congress, and was therefore illegal.</p>