Mississippi Dept. of Revenue v. Pikco Finance, Inc.
The Mississippi Department of Revenue (MDOR) issued a subpoena to Pikco Finance, Inc. (Pikco), requesting documentation pertaining to Pikco's nonpayment of finance company privilege taxes. Pikco filed a petition to quash the subpoena on the basis that MDOR's ability to audit and tax under Mississippi's Finance Company Privilege Tax law was preempted by the National Bank Act. The circuit court granted Pikco's petition to quash, and MDOR appealed. The issue on appeal was whether MDOR's use of its statutory subpoena power in administration of the Finance Company Privilege Tax was preempted by the National Bank Act. Upon review, the Supreme Court reversed and remanded, finding that Pikco was subject to the subpoena. View "Mississippi Dept. of Revenue v. Pikco Finance, Inc." on Justia Law