State Taxation of Depositories Act

[AI summary unavailable — showing source text] 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. 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 re…