The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1864-06-28
The Tax Laws Amended.

The following is the substance Of the
bill amending tax laws Of the Confeder-
ate States passed by Congress on Mon
day, and submitted 20 the President for
his approval:
The Congress Of tile Confederate States
of Ameriea do enact, Tha, the lst, 2d
and ID sections Of the act to lery ad6i.
tionsl taxes, etc, approved l7h Februs
~, 1884, be amended and re enacted 20
as TO read rs follows:
|. That in addition to the taxes levied
by the tax act approved 24'h April, 1863,
there shall be levied from l7th February,
1864, and collected taxes as follows:
]. Upon the value Of all property, real.
personal and mixed, Of every kind and
description, not hereinafter exempted or
taxed at different rate, five per cent
Provided, That from the tax ON the value
Of property, employed in agriculture,
shall be deducted the value Of the tax in
kind delivered .herefroln, during the
same year., rs assessed under the law
imposing it, and delivered to the Govern.
ment, whether delivered during the year,
or afterwards, including bacon deliverable
after and not prior to the assessment Of
the tax on property employed in aricul
ture as aforesaid, etc. provided that no
credit shall be throwed beyond five per
cent.
III. The value Of property taxed under
this section shall be assessed on the basis
Of the market value of the same, or simi
lar property in the neighborbood where
assessed in the year 1860, except in cases
where land, slaves, cotton or tobacco have
been purchased since the first day of jan.
aary, 1862, in which case the said land,
slaves, cotton and tobacco so purch ased,
shall be assessed at. the price actually
paid for the same by the owner provided
that land purchased by refugees and be d
and occupied By them for their own use
and residence shall be assessed according
to it's market value in the year 1901
2. The second section of the tax act,
approved 18th February, 1864. is repeal
sd and in lieu thereof it is declared that
all the property aud assets Of corporations,
ASSOCIATIONS and joint stock companies of
every description, whether incorporated
or not, shall be assessed and taxed in the
same manner and to the same extent as
the property Of individuals, the tax ON
such property and assets to be assessed
sgains. and paid by such corporations,
associations and joint stock companies
provided that no bank or banking com.
paay shall be liable to pay tax upon
depoiits Of money 10 the credit Of and
subject to the checks Of others provided
further, the stock, shares, or interesis rep.
ressntng property or assets in corpora
tions or joint stock companies or associa.
tions, shall not be assessed or taxed and
provided further, that all property with
in the enemy's line be, and the same is
hereby exempted from all taxation, 20
long as it remains in the enemy's lines.
3. The first paragraph Of tho Sd sec.
.tion OF the act Of Fs .ruary l7,h is amen
ded and re- enacted 80 as to read:
Upon the amount Of all gold and silver
coin, gold dust, gold or.silver bullion,
money held abroad, or bills Of exchange
draws therefor, and securities pay able in
foreign countries, five per cent. to be paid
in specie for Confederate notes at their
value as compared with specie at the time
the tax is payable-the relative value Of
specie and Confederate Treasury notes for
the purpose Of payment under this act to
be fixed by regulations to be prescribed
by the Commissioner Of Taxes, under the
direction Of the Secretary OF the Treasu
~.
4. This section eIempts from taxation
income, property and money, except Con
federste Treasury notes Of charitable in
sti'usions, and volunteer navy companies,
except income Of the latter. 1t also de
fines what shall constitute failure to make
the due returns ofincome or profits taxed
under any law Of Congress.
s. This act shall not be so construed
as to subject to taxation corn, bacon and
other agricultural productions 10 the year
1868, and in the possession Of the pro-
Queer on the 18th Of February 1864, and
necessary for the support OF himself and
family during the present yesr. and from