The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1865-03-28
THE NEW TAX LAW.

An act to levy additional taxes for the year egh-
| teen hundred and sixty FIVE for the support of
the government. go
The congress of the Confederate States of Amer
lea do enact, That in addition to the taxes levied
by the act approved February 18th, 1864, and the
act entitled ''an act to amend act to lay taxes
for the common defence and carry on the govern
ment of the Confederate States," approved Oath
April 1863, there shall be levied for the year 1865
on the subjects of taxation hereinafter mentioned
sociaton corporation liable therefor, taxes
follows, to wit
1. Upsn the value of all property, real, personal
or mixed, If every kind and description not herein
after exempted, taxed at different rate, eight
per cent. The value Of the property taxed under
this section shall be assessed on the basis of the
market value ofthe same similar property in the
neighborhood where assessed in the year 1860; and
it is hereby declared that all the property and as
sets of corporations, associations joint stock CON-
panies. whether incorporated or not, shall be
sessed and taxed in the same manner and to the
same extent as the property and assets of indvid-
uais. The tax on such property and assets to be
| assessed against and paid by such corporations,
| associations and joint stock companies; Provided,
| That no bank or banking company shall be liable
to pay q tax on deposits of money to the credit Of
and subject to the checks Of others; and provided
further That the stock shares representing pro-
perry or assets in corporations associations joint
stock companies shall not be assessed or taxed
property under this act; but the dividends derived
therefrom shall be subject to be taxed as income
under existing laws.
il. Upon the amount of all gold and silver coin
| and upon the amount of all moneys held abroad or
bills of exchange drawn therefor promissory notes,
rights credits and securities, payable in foreign
countries, and upon the value of all gold dust
gold and silver bullion valued in SPECIE twenty per
cent; and upon the value of gold and silver wares,
plates jewels, jewelry and watches, valued on the
basis of the value of such property in the year 1860
ten per cent. FL,
Ill. Upon the amount of all moneys, except those
mentioned in paragraph two, bank bills, treasury
notes and other paper issued currency, on hand
or on deposit the day of the approval of this act
five per cent.
Nv. Upon the amount of all solvent CREDITS ex-
cept those mentioned in paragraph two, five per
cent: Provided, That all the bonds and stocks
issued by the confederate States or by any State.
and all loans to the confederate States shall be
empt from taxation, except as to the interest pay
able thereon, which shall be taxed as income under
existing laws; Provided further, That the interest
the bonds stocks or obligations Of the confeder
ate States or of any State, shall not be taxed as
income in cases where the acts under which they
were issued contain stipulation that. the interest
thereon shall be exempt from taxation.
V. Upon profits made by buying and selling mer
chandse effects. or property of any description, or
money, gold, silver, stocks credits obligations
of any kind, at any time between January 1s 1865,
and January st, 1866, ten per cent, in addition to
the tax such profits income Said profits to
be ascertained by the difference between the price
paid in confederate treasury notes, including all
costs and charges, and the price realized in the
same currency; Provided, That if the objects of
sale were purchased at any time since January 1st
1863 this additional tax shall attach the profits
realized on the sale thereof during the year 1865.
vi. Upon the amount of profits exceeding twenty
FIVE per cent made during the year 1865 by any
bank or banking company, insurance, canal, aavi-
CATION. importing exporting, telegraph, express,
railroad, manufacturing mining dry dock, or other
joint stock company, of any description, whether
incorporated Or not, twenty five per cent; Provided,
That this tax shall apply to individuals and part
nerships engaged in trade or in any business or
ployment enumerated in this paragraph. well
to corporations joint stock companies. Provided
further, That individuals and partnerships who
have not been assessed, or who have not paid for
the year 1864, the tax of twenty-five per cent i'm
posed on the excess of profits over twenty-five per
cent for that year. shall be assessed and required to
pay during the year 1865, twenty five per cent on
the excess of profits over twenty five per cent,
realized during the year 1864.
Sec. 2. The property, the income and monies of
hospitals, asylums, churches, schools, colleges and
charitable institutions shall be exempt from taxa
ton under the provisions of this act, any other
law. All property within the lines of the enemy
shall be exemp. from taxation SO long it remains
within such lines; but an income derived therefrom
shall be taxed as Income under existing laws The
exemptions enumerated in paragraphs one, two and
three, of section five of the act entitled 'an act to
levy additional taxes for the common defence and
support OF the government, approved 18th Feb,
1864, are hereby re-enacted: household furniture.
when the value does not exceed three hundred dol
lars, the basis of the value thereof in the year
1860. wearing apparel. goods manufactured by any
person for the use and consumption of his family.
including slaves poultry fruit and the products of
gardens, when said poultry, fruit and products
raised fer the family of the producer, and net for
sale. corn, bacon and other agricultural products.
which we're produced in the year 1864, and neces-
sary for the tax payers family, including slaves,
during the present year. and in his possession
the day of approval of this act, shall be exempt from