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FULTON CORP. v. FAULKNER

No. 94-1239.

516 U.S. 325 (1996)

FULTON CORP. v. FAULKNER, SECRETARY OF REVENUE OF NORTH CAROLINA

United States Supreme Court.

Decided February 21, 1996.

Attorney(s) appearing for the Case

Jasper L. Cummings, Jr., argued the cause and filed briefs for petitioner.

Charles Rothfeld argued the cause for respondent. With him on the brief were Michael F. Easley, Attorney General of North Carolina, Marilyn R. Mudge, Assistant Attorney General, and Laurie R. Rubenstein.*

Souter, J., delivered the opinion for a unanimous Court. Rehnquist, C. J., filed a concurring opinion, p. 348.

Justice Souter, delivered the opinion of the Court.

In this case we decide whether North Carolina's "intangibles tax" on a fraction of the value of corporate stock owned by North Carolina residents inversely proportional to the corporation's exposure to the State's income tax violates the Commerce Clause. We hold that it does.

I

During the period in question here, North Carolina levied an "intangibles tax" on the fair market value of corporate stock...

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