A study of the principles and problems of state and local taxation in our federal system of government. Examines ad valorem property taxes, corporate income taxes, sales and use taxes, and other state and local taxes imposed on businesses. Federal constitutional limitations on state tax power explored in detail and considerable attention is devoted to problems of dividing income of multi-jurisdictional corporations among the states. Policy perspectives, New Mexico gross receipts tax and natural resource taxes included as well as dispute resolution procedures.