In this article, Robert Willens discusses a recent bankruptcy case in which Oregon sought to impose corporate excise tax on a bank holding company for the income earned by its subsidiaries doing business in Oregon. Refusing to find the excise tax unconstitutional simply because the bank holding company lacked a physical presence in Oregon, the court nevertheless determined that imposing holding company liability for the corporate excise tax of its subsidiaries merely because the holding company had allowed them free use of its trademarks and received a dividend would deeply burden interstate commerce.