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BTLG Table of Contents > Hazardous Substances Tax Annotation > Exemptions > Banks and Financial Institutions—Banks Operating Nonbanking Businesses

Hazardous Substances Tax Annotation

Exemptions

Banks and Financial Institutions—Banks Operating Nonbanking Businesses

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Banks and Financial Institutions—Banks Operating Nonbanking Businesses

The "in lieu" exemption provided to banks applies as well to bank-operated businesses and to activities which are performed by a bank but are unrelated to the banking function. However, if the activities are conducted by a separate entity, even one wholly-owned by the bank, those activities are not covered by the "in lieu" exemption. 11/3/89.