Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-12-04

No Am act taxing the deposits Of savings
banks, savings institutions and trust companies
1t is hereby enacted, ETC.;
SEC. l. Every savings bank, savings institution
and trust company incorporated under the laws OF
this state, shall pay to tho treasurer Of the State
tax, on account Of its depositors Of one-haf Of one
per cent per annum on the amount OF its deposits
and accumuations, after deductng the amount OF
It's assets invested in real estate owned by such
poraton, TO be assessed onchaf OF said annual tax
on the average amount OF its deposits and accumu-
ations for the six months preceding the first day of
July, and the other half on the average amount Of
its deposits and accumulations for the six months
preceding the first day Of January, land no other
tax shall be assessed such deposits and accumu-
latons, or against the depositors account there
Oh and the first tax payable under this shall be
assessed upon the average amount of such deposits
and aecumulations less the aforesaid deduction for
the SIX months preceding the first Of July 1870,
PROVIDED, however, that the provisions OF this act
shall not apply to any savings bank and trust COM
pany or any trust company during such time as it
shall pay to the government Of the United States
tax which amounts to one-half of one per cent.
nualy upon its capital and deposits but shall apply
TO any savings bank and trust company or trust
company where the same shall for any reason cease
10 pay such tax TO the government Of the United
States, aforesaid.
SEC. q. The treasurer Of each savings bank, saw
ings institution and trust company, shall semi-annu-
ally on or before the fifteenth days of July and Ian
uary transmit to the treasurer Of the State state
ment, under oath, of the average Of all de-
posts and accumulatons, less the aforesaid deduc-
this act.
SEC; 3. 1t shall also be the duty OF the treasurer
OF each savings bank savings institution and trust
company, to make and transmit to the State treas
urer, on or before the fifteenth day Of July annu-
ally, statement, under oath, Of the total amount
OF deposits due on the first day of the same July to
depositors resident in each town in the State stat
ing each town separately and shall also, when re-
CURED by the proper town officers, transmit to the
town clerk of that town the name and amount of
each deposition OF such town and the State treas
urer SHALL on or before the twenty-fifth day of
August, annually, pay into the treasury Of each
town in the State in which any of said dcpositors
so appear to reside, such part of said total tax for
the current year as is in proportion the amount
OF deposits due to residents OF such town
SEC. 4. II any treasurer OF any savings bank,
savings institution or trust company, shall neglect
or refuse to make the returns required in sections
TWO or three OF this act, within ten days from the
said fifteenth days of July and January, he shall
forfeit and pay to the treasurer of the State for the
benefit OF the State, the OF five thousand dol
lars 10 be recovered in the of the State treas
urer, by an action founded on this statute.
SEC s. All taxes provided for by this act, shall be
PAID semi-annually within ten days after the first
days OF August and February, respectively each
payment to be an assessment by the treasurer OF
one-half OF the annual percentage Every savings
bank, savings institution and trust company neg
Letting 10 pay any Of the taxes imposed by this act
shall be liable for the same, with costs and inter-
est, in an action of debt in the name of the State
SEC 6. All acts and parts of acts inconsistent
with this act are hereby repealed.
SEC. ?. This act shall take effect January /,
1879. -
Approved November as, 1873.