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BELL FEDERAL SAV. AND LOAN ASS'N v. WAGNER

No. 1-95-0853.

675 N.E.2d 135 (1996)

286 Ill. App.3d 521

221 Ill.Dec. 228

BELL FEDERAL SAVINGS AND LOAN ASSOCIATION, Plaintiff-Appellant, v. Raymond T. WAGNER, Jr., Director of the Illinois Department of Revenue and Patrick Quinn, Treasurer of the State of Illinois, Defendant-Appellee.

Appellate Court of Illinois, First District, Sixth Division.

December 13, 1996.

Attorney(s) appearing for the Case

Kelly, Olson, Michod, Rogan & Siepker, Chicago (Charles L. Michod, Jr., and Jill A. Dougherty, of counsel), for plaintiff-appellant.

James E. Ryan, Attorney General, and Barbara A. Preiner, Solicitor General (Jan E. Hughes, of counsel), for defendants-appellees.

Justice ZWICK delivered the opinion of the court:

This case comes to us on cross-motions for summary judgment. The sole issue presented is whether interest paid by the Federal Home Loan Bank of Chicago ("FHLB") to its depositors on daily investment deposit accounts is exempt from State taxation. The circuit court determined that interest on such accounts is not exempt. We affirm.

Plaintiff, Bell Federal Savings and Loan Association ("Bell"), brought an action...

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