Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2013
Sales and Use Tax Annotations
A B C D E F G H I J L M N O P R S T U V W X
B
135.0000 BANKS AND INSURANCE COMPANIES—Regulation 1567
Annotation 135.0005
135.0005 American Express Company. The American Express Company does not qualify as a bank since it has not been chartered as a banking institution under state or federal law.
The fact that it performs some functions normally performed by banks, and is classified as a "financial institution" for franchise tax purposes, is insufficient to warrant classification of the entity as a bank for sales and use tax purposes. 3/30/78.