The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1867-03-19
ABSTRACT OF THE REVENUE LAW
OF NORTH CAROLINA.
Ratified February 26, 1867.
RULES OF TAXATION,

| RULES OF TAXATION.
Rule l. Taxes hereinafter imposed on pur
chases, sales, or receipts, earnings income OF
profits, shall be, unless otherwise directed, on
the total amount thereof during the year prece-
ding the 1st day of April of each year; Pro-
OlGed, that purchases, sales, or receipts, earn
| ings or profits on which taxes were paid for the
three months, preceding the lst day of July,
+ 1866, under the Revenue Act, ratified March
18th, 1866, shall be exempt
| Rule 2. Articles taxed ad ua1oren, shall not
be liable to such tax when in the hands of
traders and others who list the purchases or
sales of said articles.
| Rule 3. Property and purchases, sales or re-
cepts, taxed at higher rate, shall net be liable
| to pay any other tax, at lower rate, but the
imposition of tax for license to carry on any
trade or business, shall not relieve the property
or stock in trade from the property tax, unless
there is likewise tax on the receipts, purcha-
ses earnings or sales of such business or trade
Rule 4. When the purchases, receipts, earn
ings or sales of any Corporation or Joint Stock
Company are taxed, the shares Of stock therein
owned by individuals shall not be liable to al
UdlOreDa tax.
Rule 5. Corporations and Joint Stock Com
panes, except as hereinafter is excepted, shall
be liable to taxation in the same manner as in
dividuals, and shall list their property and other
taxabes, through their chief officer or agent,
and no person shall be required to include, as
part of his personal property and investments,
any share or portion of the capital stock or pro-
perty of any company or corporation, which is
required to list its capital and property for tax
alton in this State.
Rule 6. Railroad, Turnpike, Plank Road,
Canal and Navigation Companies shall not be
required to list their property or capital, but the
shares thereof shall be listed by the stockholders
thereof as part of their investments.
Rule 7. The powers and duties in this Act,
or in any other act, relating to the collection
aud return of State and county Taxes, entrusted
to and required of Sherffs, shall likewise be en-
trusted to and required Of "Tax Collectors"
when such officers 10 any county appointed.
Rule 8. Whenever the Sheriff is authorized
to collect taxes on unlisted subjects, he is au-
thorized and directed to administer an oath, to
ascertain the true amount of taxes due.
SCHEDULE A.
Valuation of real estate to be that of 1860
Personal property to be valued at the time of
listing.
Poll tax fifty cents. Employees to list their
laborers in the county where employed.
The following subjects shall pay tax Of
one-tenth o. one per cent, on the cash value
thereof:
l. Real property, with the improvements
thereon, including entries of land,
2. AN wagons and other farming utensils, neat
cattle, horses, mules, asses, jcnnets, hogs and
sheep, made and raised for sale.
g. Household furniture, exceeding $500 in
value. This paragraph includes, besides other
furniture, clocks, pictures other than family por
traits, aud books, over the value of $500.
f. Agricultural products except family sup
plies for one year, in the hands Of the producer,
after the expiration Of twelve months from the
time the same were produced.
purchaser, who docs not pay tax on such pro-
ducts as merchant or trader. Family supplies
for one year shall be exempt
G. Solvent credits, deducting therefrom the
liabilities of the taxpayer as principal and as
surety, where the principal is insovent, the
term "credits" to include all claims or demands
owing to the taxpayer, whether due or not,
whether payable in money or other things, and
whether owing by persons within or without the
State Merchants aud other traders shall not
be bound to list the credits accruing ia the
regular course of their business, during the
twelve months preceding the lst day of April
of the year of listing. No deduction shall be
made on account of any obligation given to an
insurance company, except to the amount of an
assessment already made, nor on account of any
unpaid subscription to any institution, society,
corporation or company.
7. Investments 10 public bonds and stocks,
and the bonds and stocks, or shares, of such
corporations aud joint stock companies as do
not list their property for taxation prescribed
10 Rule s. This section shall include securities
of any State or Government, or municipal cor
poration, not exempt by the laws Of this State
or the United States; also shares of stock in
Railroad, Turnpike, Plank Road, Canal and
Navigation Companies, whether in or out of the
State, as prescribed in Rule g.
s. Moneys above 500 in value, the term
''money" to include coin, bullion, bank notes,
and the notes of any State or Government, de-
signed to circulate money, also deposits IN
this State or elsewhere, with individuals or cor
porations, payable on demand. Coin and bul-
lion, as we'll as notes shall be listed at their
value in such currency as is commonly paid Tor
taxes.
9. Ships Barges, Boats and other water craft,
or any interest therein, with their tackllng, rig
ging, and furniture, and all else pertaining to
them, if exceeding one thousand dollars IN value,
whether in the waters of .his State at the time
of listing or not
10. Capital invested, used or employed in any
trade or business, other than is mentioned spe-
cially in this class, except where said trade or
business is taxed ir this Act on the purchases,
sales or receipts thereof.
IL. All shares of Stock in any National Bank,
located within this State, whether held or owned
by residents or non residents of this State, shall
be listed for taxation and taxed 10 the County
where the Bank is located, one-tenth of one per
cent. on the value of said shares, to be listed
and paid by the Cashier.