New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-04-30
AMENDING TIE rAxATION LAWS.


sLHEPY sENATE-PAgs'NG A BILL WITHOUT
KNOWING ITS CHARACTEB--wORK OF THE con-
MTIEE OS TAXATION
GFROM TIE REGULAR CORRESPONDENT or THE rRIBUNE-l
ALBANY, April 29.-In both branches of the
legislature todoy Of the chief bills prepared by the
JOlDt Committee on Taxation was considered and gave
rise to exciting debates This the bill specifying
what property shall be exempt from taxation. In the
bill there ia very important modification Of the pres
emit law regarding the assessment OF personal
property. The assessors, contrary TO tic pres
ent law, directed to assess all taxable
personal property at itl full value, " without
any reduction for tho debts owing by inc person to DO
assessed. This modification Of he law has evoked q very
powerful and earnest opposition TO the bn and seri-
ously imperils il.
Tie Senate reached the bill its third reading wlo
It was being debated the Assembly. Half OF the Sen
atOrs were apparently asleep &c TIE time, and mary
were absent Consequently, attention was paid to
the bill a. Il read by the Clerk, and IL bad been
passed 10y vote OF Is To before tho senator's knew
what they were voting upon. Tbeu there uproar
of excitement, and Mr. Mccarthy one Of the chief Oppo
meats of the bill moved that The vote by which II
passed should he Reconstructed lie SAID that lo
wished have the bill amendcd so us
10 exempt personal property from taxation when just
dcbfs" hal incurred bT the Of the property
lie also complained that mad voted for the bill
withOut knowing its character, and that many were
absent deslrad to amend It, Tho motion to recon-
slider thc vote WAS adopted by unanimous vote.
Meanwhile q conflict over The matter Of the de-
duction u - Just debts" gong in The Assembly.
Mr. Mitchell declared that the effect Of cGrryne out the
proposed amendment would destroy tho credit syslem
the State. The greaT weakness of the present law
WAS the opportunity gave to per7Dns TO cyade 10 by
buying United States bonds. borrowing money upon
them, then ofsetting this fictitious dent with other
kinds OF personal property. He offered amendment
tnat dCUls, 'Other than those incurred "a ne lrcnlse
or bonds shUud be offset; ana sad That ne Thought
this would effect the purnoso Of The TJx Committee
Mr. Sherman, OF Wayne, opposed the adoption OF Mr..
hitchers aineudneht It sd!u that II was tbr14gh inc
gateway OF exemption that fifteen hundred mil"us ii
personal p:opetty was escaping tXailOn. The Tax
Committee Lat determined TO tax property WHEREVER
they could lHd leaving the question II a aership
alone Property COHid not DO followed 10 H rs nlran-
derngs during year, It was therefore 10 BE- taxed a
u certain amount thr"uShout tue sta O'htt states
had tTtd tho system. and u had not ruiz ed thcnf
Mr. Brennan was In favor OF the dWcnimcnt, and
also In favor Of permitting the owners OF real cSit" to
Mr. CooBinham thought that AL kinds Of property
should pay s protection. and that the deduction Of
M Steele the chairman of the Tax Committee said
out regard u OTIS rejected bl the Assembly, he
should cal mostly favor putting the UvEers real estate
On the Anne footing with tr nWuorS OF personal prop
crtY by permitting them to deduct their debt.
Mr.. MitcnrlP5 amendment was rejected, az vas al<o
offered by Mr. TOZler directing The anrchaOrS " dc
duct "dcbts Incurred in good fGitl" Nr Mtchc
nnaliy pcrsuaed the Assembly 10 direct the TaxHtlCn
over liabilities" OF persons toXCd should b.
assessed for purp OF taxation" The oil then
Tho Assembly also c0naidrrcd tho listing bill" pro
pared by the Joint Committee. This Bill declares Chat
nish tho u.sessors WITH peto lat OF II Mr. Alyord
snccrQded ~ having The bill amended that y the Bit
mortgage Un property viii be taxed. Tho law 10 so
modified that while The yer ~ TIE mortgage pays the
tax he IA permitted to dcGuCt tl aG0ua Of IL from the
mortgage the final payment. lnis nll was then
dered u a third rcaiinS.