Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Hazardous Substances Tax Annotation

Exemptions

Banks and Financial Institutions—Banks Operating Nonbanking Businesses

Banks and Financial Institutions—Banks Operating Nonbanking Businesses

The "in lieu" exemption provided to banks applies as well to bank-operated businesses and to activities which are performed by a bank but are unrelated to the banking function. However, if the activities are conducted by a separate entity, even one wholly-owned by the bank, those activities are not covered by the "in lieu" exemption. 11/3/89.