Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Hazardous Substances Tax Annotation
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.