The People of the State of New York, Respondents v. the Home Insurance Company, Appellant

Summary

The Court affirmed the lower court's judgment, holding that the statute taxing corporations on the basis of dividends is a valid franchise tax and that its object statement "applicable to the payment of the ordinary and current expenses of the State" satisfies the constitutional requirement of a distinct tax object. The Court also held that the State need not deduct the value of United States bonds held by the corporation when computing the tax.