The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1867-01-24
JANUARY "a, 1862.

of the district in which any such bank, asSocia-
ton, corporation, or company may be located, or
in which such person has his place of business,
with declaration annexed thereto, and the oath
or affirmation Of such person, or of the president
or cashier OF such bank, association, corporation
or company, in such form and manner as may be
prescribed by the commissioner of internal reve
nue., that the same contains true and faithful
statement OF the amounts subject to tax as atore-
said and tor any refusal or neglect to make or to
render return and payment, any such bank, asso-
citation, corporation, company, or person SO in
default, shall be subject to and pay q penalty of
two hundred dollars, besides the additional pen
atty and forfeitures in other cases provided by
law and the amount of circulation, deposit, cap
ital, and notes o. persons, State banks and bank
ing associations paid out aforesaid, in default
of the proper return, shall be estimated by the
assessor or assistant assessor of the district as
Aforesaid, upon the best information he can OBJ
tain and every such penalty may be recovered
for the use of the United States in any court of
competent Jurisdiction. And in the case of banks
with branches, the tax herein provided for shall
be assessed upon the circulation of each branch,
severally, and the amount of capital of each
branch shall be considered to be the amount al
lottcd to such branch; and so much of an act en-
titled An act to provide ways and means for the
support of the government" approved March
three, eighteen hundred and siXtY-three, rs i'm
poses any tax on banks, their circulation, capital
or deposits other than is herein provided is here
by repealed: Provided, That this section shall
not apply to associations which are taxed under
ana Dy virtue Oh The act - to provide national
currency secured by pledge of United States
bonds and to provide for the circulation and
demption thereof" And the deposits in associa-
tiOns or companies known as Provident 1nstitu-
tions, Savings Banks, Savings Funds, or Savings
Institutions, having capital stock and doing
no other business than receiving deposits to be
loaned or invested for the sole benefit of the par
ties making such deposits, without prof or COM
pensation to the association or company, shall be
exempt from tax on so much of their deposits as
they have invested in securities of the United
States and on all deposits less than five hundred
dollars made in the name of any one person; and
the returns required to be made by such Provi
dent Institutions and Savings Banks after July,
eighteen hundred and siXty-six, shall be made OH
the first Monday of January and July of each year,
in such form and manner as may be prescribed by
the commissioner of internal revenue.
That section one hundred and eleven be amend
ed by inserting after the words "proprietors,
managers, or agents of lotteries" the words:
land all lottery ticket dealers.'
That section one hundred and fourteen be
amended by inserting after the word "periodi-
caly," in the first sentence of said section, the
words: otherwise, or publishing any guide,
almanac, catalogue, directory, or any other pa
per or book.
That section one hundred and sixteen be amend
ed by inserting alter the word periodically in
the first sentence of said section, the words or
otherwise, or publishing any guide, almanac, di-
rectory, or any other paper or book.
That section one hundred and sixteen be amend
ed by inserting after the words con the excess
over five thousand dollars the following: and
like tax shall be levied, collected and paid an
nually upon the gains, profits, and income of ev-
cry business, trade, or profession carried on in
the United States by persons residing without
the United States, not citizens thereof.
That section one hundred and nineteen be
amended by striking out all after the enacting
clause and inserting in lieu thereof the following:
That the taxes on incomes herein imposed shall
be levied on the first day of May and be due and
payable on or before the thrtieth day of June in
each year, until aud including the year eighteen
hun rp1
sum or sums annually due and unpaid after the
thirteth of June, as aforesaid, and for ten days
aster notice and demand thereof by the collector,
there shall be levied in addition thereto, the sum
of ten per centum on the amount of duties un
paid, penalty, except from the estates OF de-
ceased or insolvent persons.
That section one hundred and twenty be amend
ed by striking out all after the enacting clause
and inserting in lieu thereof the following: That
there shall be levied and collected tax of five per
centum on all dividends in scrip or money there
after declared due, wherever and whenever the
same shall be payable, to stockholders, policy
holders, or depostOrs or parties whatsoever,
including non-residents, whether citizens or
aliens, as part of the earnings, income, gains
of any bank, trust company, savings instltu-
ton, and of any fire, marine, life, inland in
surance company, either stock or mutual, under
whatever name or style known or called, in the
United States Territories, whether specially In
corporated existing under general laws and
on all undiStrlbuted sums, or sums made or ad-
ded during the year to their surplus or contin-
gent funds; and said banks, trust companies, sa-
wings institutions, and insurance companies shall
pay the said tax, and are hereby authorized to
deduct and withhold from all payments made on
account of any dividends sums of money that
may be due and payable aforesaid the said tax
of five per centum. And list or return shall be
made and rendered to the assessor assistant as
SCISSOR on or before the tenth day of the month
following that in which any dividends or Sums OF
money become due payable as aforesaid and
said list return shall contain true and faith
full account of the amount of taxes as aforesaid;
and there shall be annexed thereto declaration
of the president, cashier treasurer of the bank,
trust company, savings institution, or insurance
company under oath or affirmation in form and
manner as may be prescribed by the commission
er of internal revenue, that the same contains
true and faithful account of the taxes as afore-
said. And for any default in the making or rem
6ering of such list or return, with such declara-
tion annexed, the bank, trust company, savings
institution, or insurance company making such
default, shall forfeit as penalty the sum OF one
thousand dollars and in case of any default in
making or rendering said list or return, or ofany
any part thereof, the assessment and collection
of the tax and penalty shall be in accordance with
the general provisions of law in other cases of
neglect and refusal Provided, That the tax upon
the dividends of life insurance companies shall
not be deemed due until such dividends are pay
able nor shall the portion of premiums returned
by mutual life insurance companies to their pol
icy holders, nor the annual or semiannual inter-
est allowed or paid to the depositors in savings
dividends
ITO BE CONTINUED