Margin Tax Must Be Uniform, Nestle Tells Texas High Court

Law360, Houston (August 24, 2012, 9:24 PM EDT) -- Nestle Inc. on Thursday told Texas’s high court that the state’s margin tax unfairly requires the company to pay a higher rate than other businesses and that state law requires more than a rational justification for the tax to survive.

In a reply brief filed in the Texas Supreme Court, Nestle argued that the so-called “equal and uniform” provision of the Texas Constitution requires that a discriminatory tax not only withstand scrutiny under the equal protection clause, but that the tax also must be determined by...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.