Pullman State Bank v. Manring

Citations

• 18 Wash. 250
• 51 P. 464
• 1897 Wash. LEXIS 148

Syllabus

<p>TAXATION — DEDUCTION OP DEBTS PROM CREDITS—WHAT CONSTITUTES CREDITS—BANK STOCK — MONEY — CONSTITUTIONAL LAW.</p> <p>Bank stocks are credits within the meaning of section 2, article 7, of the constitution, governing the taxation of property, and providing that debts may be deducted from credits in making up the assessment of each person.</p> <p>That portion of section 1, Laws 1895, p. 508 (Bal. Code, §1657), which excepts bank stock from credits, and that portion of the section which includes money with credits, from which debts may be deducted in making up an assessment for taxation are invalid and unconstitutional.</p> <p>A revenue act discriminating between shares in state banks and in national banks, for purposes of taxation, is not thereby rendered invalid, since national bank stocks are only taxable by permission of congress and under such limitations as congress may establish.</p>