1. The exemption of mutual savings banks and state and Federal savings and loan associations from the operation of House Bill 408 without a corresponding exemption as to national banking associations, would be discriminatory and invalid as to national banking associations, under the provisions of 12 U.S.C.A., section 548. 2. A provision in the bill allowing state mutual savings banks and savings and loan associations to include in their deductions from gross income, amounts paid as "dividends" or interest on their deposits, would not be discriminatory under 12 U.S.C.A., section 548, as to national banking associations, even though national banking associations were not allowed a deduction for dividends paid on their corporate stock.
AGO 1951 NO. 455 > Feb 22 1951
TAXATION ‑- CORPORATION EXCISE TAX ‑- EXEMPTION OF STATE MUTUAL SAVINGS BANKS, STATE AND FEDERAL SAVINGS AND LOAN ASSOCIATIONS ‑- DEDUCTIONS FOR 'DIVIDENDS' PAID MEMBERS AND SHAREHOLDERS