The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1867-01-26
PUBLIC ACTS.

ANDREW JOHNSON, PRESIDENT. LA FAYETTE
S. FOSTER, President of the Senate. LA
FAYETTE 5. FOSTER was elected President
OF the Senate pro tempore on the seventh
day of March, and so acted until the end
of the Session. SCHUYLER CoLFAX, Speaker
OF the House of Representatives.
CHAP. CLXXXIV.-coNTINUED
An Act to reduce Internal Taxation and to
amend an Act entitled Gan Act to provide In
ternal Revenue to support the Government, to
pay Interest on the Public Debt, and for other
Purposes" approved June thirtieth, eighteen
hundred and sixty-four, and Acts amendatory
thereof
That section one hundred and twenty-five be
amended by striking out all after the enacting
clause and inserting in lieu thereof the following:
That any railroad, canal, turnpike, canal naviga
ton, or slack-water company, indebted for any
money for which bonds or other evidence of in
debtedneSs have been issued, payable in one or
more years after date, upon which interest is stip
uiated to be paid, or coupons representing the
interest or any such company that may have de-
ciared any dividend in scrip or money due or pay
able to its stockholders, including non-i esidents.
whether citizens or aliens, as part of the earnings
profits, income, or gains OF such company, and
all profits OF such company carried to the account
OF any iund, or used for construction, shall be
subject to and pay tax of five per centum on
the amount OF all such interest, or coupons, dvi-
dendS, or profits, whenever and wherever the
same may be payable, and 10 whatsoever party or
person the same may be payable. including non-
residents, whether citizens or aliens and said
companies are hereby authorized to deduct and
Withhold from ali payments on account of any in
tcreSt, or coupons, and dividends duc and paya-
bic as aforesaid, the tax of i've per ccntum; and
the payment of the amount of said tax deduc
ted from the interest or coupons, or dividends,
and certified by the president or treasurer of said
company, shall discharge said company from that
amount OF the dividend, or interest, or coupon on
the bonds other evidences OF their Indebted
ness so held by any person or party whatever, eX
cept where said companies may have contracted
otherwise. And a list or return shall be made
and rendered to the assessor or assistant assessor
on or before the tenth day of the month follow
ing that i'll which said interest coupons, or divi-
dcnds become due and payable, and as often :
every six months; and said list return shall
contain truc and faithful account of the amount
OF tax, and there shall he annexed thereto Il dee
laratiOn OF the president treasurer OF the COM
rany, under oath affirmation in form and man
ncr rs may be prescribed by the commissioner OF
internal revenue, that the same conIins Il true
and faithful account OF said tax. And for any
default in making or rendering such lSt or re-
turn, with the declaration annexed, or OF the pay
mcnt Of the tax rs aforesaid the company ma
king such default shall forfeit as Il penalty the
sum of one thousand dollars; and in case Of any
default in making Or rendering said list or return,
or oi the payment of the tax or any part thereof,
as aforesaid, the assessment and collection of the
tax and penalty shall be made according t.. Ine
provisions OF law in other cases of neglect or re-
iuSa
That section one hundred and twenty-five be
further amended hy adding thereto the following
provlso: Provided, That whenever any Oi t:Ic
companies mentioned in this section shall be un-
able to pay the interest on their Indebtedness,
and Shall i'll fact fail TO pay such interest that in
such the tax levied by this section shall not
be paid 10 the United States until said company
resume the payment of interest on their indebt
cdncSS.
That section one hundred and twenty three be
amended by striking out all after the enactnw
clause and inserting in lieu thereof the following:
That there shall be levied collected, and paid on
all salaries OF officers, payments for rviceS to
persons i'll the civil military, naval or o iher en-
ployincnt service of the United Stat IS, inclu-
ding senators and representatives and delegates
lii Congress, when exceeding the rate OF six hun
dred dollars per annum Il tax of live per centum
on the excess above the said six hundrt dollars,
and 4 tax Of ten per cent on the cXccs> over five
thousand dollars; and it shall be the duty of all
paymastGrs and all disbursing officers under the
government OF the United States, Or persons in
the employ thereof, when making any payment
to any officers or persons as Aforesaid, or upon
settling al.d adjusting the cunts OF such Off
persons, to deduct and within Old he afor"
said tax, and they SHALL at the same lime, make
certificate stating the name Of lhc officer per-
son from whom such deduction WAS made, and
the amount thereof, which shall be- transmitted
TO the office Ut the commissioner OF internal rev
eGue, and entered part OF the int ernal tax; and
the payroll, receipts, or account of officers
persons paying such tax, rs afo eSaid, shall be
made to exhibit the fact of such payment. And
Treasury Department, when auditing the accounts
of any paynister diSbursin,r OF icer, or anv Of
fcer Withholding his salary IRON moneys receiy-
ed by him, or when settling OR adjusting the ac
counts OF any such officer, 10 require evidence
that the taxes mentioned in this section have
been deducted and paid over TO the commission
er OF internal revenue or OtE Ofls6 uthOriZcd
10 receive the same: Provided, ThS1 payments Of
priZe money shall be adjusted auz collected iii
like nl!iinCr: Provided further, TtIt this section
shall not apply to payments oladS to mechanics
or laborcrs employed upon public asorks.
That section one hundred and twenty-fo be
amended by adding thereto the following addi-
tiOnal proviso: Provided further, That any leg
acy or share of personal proper y passing afore
said to Il minor child of the pc rson who died pos
sessed as aforesaid shall be exempt from taXalion
under this sectiOn unless such legacy or share
shall exceed the sum Of one thousand dollars, i'm
which case the excess only above that sum shall
be liable to such taxation.
That section one hundred ANA twenty five be
amcnled by Inserting after the words ''that the
tax or duty aforesaid" the following. "sbab he
due and payable whenever the party interested
in such legacy distrib utive share or property
or interest aforesaid shall become entitled to the
possession or enjoyment thereof, or to the bene-
tcial interest in the pre- fits accruing therefrom
and the same" and by inserting after the words
C United States" in the first sentence of said
section, the words: " And every administrators
executor, or trustee, having in charge or trust
any legacy or distributive share, as aforesaid
shall give notice thereof in writing to the asses.
or assistant assessor of the district where the
deceased grantor or bargainer last resided with
in thirty days after he shall have taken charge of
such trust" and by inserting after the words
I" shall make out such lists and valuation as in
other of neglect REFUSAL and shall assess
the duty thereon the words: And in case of
wlful neglect, refusal, Oh false statement by such
executor, administrator, or trustee, as aforesaid
he shall be liable to penalty of not exceeding
of suit" Any tax paid under the provisions of
sections one hundred and twenty-four and one
hundred and twenty-five shall be deducted from
the particular legacy or distnbutive share on ac-
count of which the same is charged
That section one hundred and thirty-seven be
amended by inserting after the words "imposed
by this act," the words: shall be assessed in
the collection district where the estate is situate
and"
That section one hundred and thirty -eiebt ne
amended by adding thereto the words :" And ey-
cry such person having in charge or trust any
disposition of real estate interest therein sub
ect to tax under this act, shall give notice there
of in writing to the assistant assessor
of the district where the estate is situate within
thirty days from the time when he shall have ta-
ken charge of such trust, and prior to any distr-
button of said real estate, together with q de- |
scription and value thereof, and the names of the
persons interested therein; and for wlful neglect
or refusal to do, shall be liable to penalty of
not exceeding five hundred dollars, 10 be recov-
cred with costs OF suit s .~
That section one hundred and forty-five be
amended by inserting after the word "years - the