DOMINION NAT. BANK v. OLSEN


651 S.W.2d 215 (1983)

DOMINION NATIONAL BANK, Bank of Virginia, and Charter Federal Savings and Loan Association, Plaintiffs-Appellees, v. Martha B. OLSEN, Tennessee Commissioner of Revenue, and William M. Leech, Jr., Attorney General of the State of Tennessee, Defendants-Appellants.

Supreme Court of Tennessee, at Nashville.

May 23, 1983.


Attorney(s) appearing for the Case

Robert L. Crossley, Ralph E. Tallant, Jr., Knoxville, for plaintiffs-appellees.

Charles L. Lewis, Gregory L. Nelson, Asst. Attys. Gen., Nashville, for defendants-appellants.


OPINION

HARBISON, Justice.

In this case three Virginia banks have filed an action for declaratory and injunctive relief, contending that a 1982 amendment to the Tennessee domestic income tax statutes discriminates against interstate commerce. The statute in question, Tennessee Public Acts 1982, Chapter 652 amended T.C.A. § 67-2601(b) so as to make taxable to Tennessee residents interest income on long-term certificates of deposit1...

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