Bank Economic Presence Creates Nexus A national bank which solicited business and received significant gross receipts from interest and fees paid by Indiana customers had a substantial nexus with the state subjecting it to the Indiana financial institutions tax (FIT). The bank argued physical presence was required under the Commerce Clause, but, the Indiana Tax Court found that the U.S. Supreme Court has not extended the physical presence requirement beyond the realm of sales and use taxes. MBNA America Bank v. Indiana Department of State Revenue, Indiana Tax Court, No. 49T10-0506-TA-53, October 20, 2008.
“Disregarded Entities Must Pay Own Employment Taxes” by William E Evans Meet our Super Lawyers® for 2008