Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-05-01

The LRGIsLATURE.-The legislature was
not able to finish its work on Tuesday. 1t
was still hard at work last night, trying to
get through before morning." but not quite
certain Of success. Among the bills passed
Oh Tuesday was one to tax insurance COM
panies and savings banks, with the following
pIovisions:-
Sect /. AL fire, marine, and fire and mar
inc Insurance companies, incorporated under
the laws OF this commonwealth, shall pay
taxes to tile treasurer OF the commonwealth,
rs follows, 10 wit: One per cent per annum
on all premiums received for insurance, either
in cash or in notes abso utely payable by any
OF such companies, whether stock, mutual or
mixed, and one per cent. on all assessments
made by any mutual or mixed companies.
Sect 2. Each fire, marine, and fire and
marine insurance company Incorporated by
any other state OF the United States, shall an
nually pay TO the treasurer of the common.
wealth tax of two per cent. upon all pre-
mlums charged or received on contracts made
In this commonwealth Tor the insurance OF
property, or received or collected by agents
in this commonwealth and each fire, marine,
and fire and marine insurance company iucur-
poTatsd or associated under the laws of any
government or state other than one of the
United States shall annually pay to the treas
urer of the commonwealth q tax Of four per
cent upOu all premiums charged or received
on contracts made in this commonwealth for
the insurance OF property, or received or col
lected by agents in this commonwealth; which
taxes respectively shall be assessed by the
treasurer OF the COnulouw calth for the year
ending October thirty first, aud shall be paid
within ten days after the first Monday in DE.
cemDer in each year; and no other tax shall
he assessed upon such insurance companies so
long as this act continues in force.
Sect. 3. The Massachusetts Hospital Life
Insurance Company shall pay 10 the Treas
urer of the commonwealth tax OF one per
cent, per annum on alrits capital stock, and
OF one-lbrd Of one per cent. per annum upon
all moneys and property in the possession or
charge OF said company rs deposits, trust
lands, or for purposes of investment, At the
time for which return of said company, re.
CURED by the seventh section, SHALL We made.
Sect A. Every savings bank and inStituison
for savings, incorporated under the lGWs Of
this commonwealth, shall pay to the treasurer
of the commonwealth a tax on account OF its
depositors per annum Of Oue-hah OF one half
of one per cent. on the amount OF its depos.
ifs, to be assessed one half oi said annual tax
on the average amount Of its deposits for The
six months preceding the fret day OF May
and the other OH the average amount OF its
deposits for the six months preceding the first
day of November.
Sect. 8. All taxes provided for by this ac,
excepting the taxes imposed by the second
section, shall be paid semi annually within ten
days after the first Mondays Of June and De-
csmber, each pay ment TO be an assessmeni,by
the treasurer, OF oue.hAlf the annual percent
aye
Sect provides that the insurance compa'
MES mentioned in Sect. | shall make semi an
nuAl returns Ut all premiums received either
IN caah or notes, or all assessments made in
lieu thereof
sect provides that the Massachusetts
Hospital Lite Insurance Company shall make
semi-AnnuAl return OF its capital stock aud of
all moneys and property in detail
Sect. provides that every savings bank in
corporated under the laws Of the state shall
on the first days OF May and November. make
return ofits deposits for the six M nihs nrxt
prece ing
Sect 8 provides that the above returns
shall be made to the treasurer OF the common.
wealth, under penalty Of $50 for ach day 3
neglect, aud for false statements a fine not
less than $500 nor more than $4,000 will be
imposed.
Sect. 10 provides that no person shall as
agent OF any company not incorporated under
the laws OF the State make or cause to be
made any insurance until he rlall have given
bond uf 5000, with conditions that he VIII
pay the taxes as herein before provided and
any violations Of the section will b. visio Il
by fine not exceeding $1,000.
SscL II provides that every corporation or