Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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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.