State Taxation of Depositories Act

(LATEST SUMMARY)

Extends through 1974 the authority of the Federal Reserve System to regulate interest rates or dividends payable by financial institutions.

Provides means whereby private financial institutions can assist in providing housing, particularly for families of low- or moderate-income, by purchasing stock of and investing in loans to any such State housing corporation situated in the particular State in which the Federal savings and loan association or national bank involved is located.

Provides for premium payments by insured savings and loan associations to the Federal Savings and Loan Insurance Corporation.

Requires each insured institution to make such deposits in the Corporation as may from time to time be required by call of the Federal Home Loan Bank Board.

Provides that no depository institution shall allow the owner of a deposit or account on which interest or dividends are paid to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties, except that such withdrawals may be made in the States of Massachusetts and New Hampshire.

State Taxation of Depositories Act - Provides that the legislature of a State may impose and may authorize any political subdivision thereof to impose, the following taxes and only such taxes on any insured depository not having its principal office within such State: (1) sales taxes and use taxes complementary thereto upon purchases, sales, and use within such jurisdiction; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes (including documentary stamp taxes) on the execution, delivery, or recordation of documents within such jurisdiction; (4) taxes on tangible personal property (not including cash or currency) located within such jurisdiction; (5) license, registration, transfer, excise, or other fees or taxes imposed on the ownership, use, or transfer of tangible personal property located within such jurisdiction; and (6) payroll taxes based on persons employed in such jurisdiction.

Directs the Advisory Commission on Intergovernmental Relations to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State commercial banks, mutual savings banks, and savings and loan associations. Requires the Commission to make a report of such study no later than December 31, 1974.

Authorizes to be appropriated to the Commission such sums as may be necessary to carry out the provisions of this section.