Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1882-11-27
CORPORATION TAX BILL.


CORPORATION TAX BILL.
The ways and means committee
bill for taxing corporations doing
business in the state was first dis
cussed Friday and again Saturday,
when it was ordered to third read
ing by unanimous vote and Tues
day it passed the house, 195 to 20.
1t is safe to say that never before
was a measure of such vast import
ance rushed through its third reading
with so little consideration.
The bill provides that the revenue
required to meet state expenses shall
be raised by tax upon the business
railroad, express, insurance, tele-
graph, steamboat, car and Transport
tation companies, savings banks,
savings institutions and trust com
panies, and the collection of the
taxes shall be placed in the hands of
a commissioner, who is to be appoint
ed by the governor, and serve at
salary of $1400 per annum. The
commissioner is required to provide
the requisite blanks and send them
to the various cashiers or treasurers
of the various corporations and they
are to make returns to him of the
amount of tax due from them and
the tax itself they are to transmit to
the state treasurer. The penalty for
failure to make returns to the COM
missioner is $500 for each days neg
lect. The penalty for failing to pay
the tax is a forfeiture to the state of
the amount of the tax and $500 ad-
ditional for each days neglect. In
case of a foreign insurance compa-
ny's failure to pay a tax the tax
commissioner shall notify the insur-
ance commissioner who shall there
| upon revoke the licenses of the COM
pany and all its agents.
The railroad tax is rated accord
ing to the earnings per mile of roads
in this state as follows: At the rate
of two per cent on the first $4,000
per mile. or on the total earnings of
less than that sum three per cent on
the first thousand or part thereof
above two thousand dollars a mile
four per cent; on the first thousand
or part thereof above three thousand
and five per cent on all the earnings
above four thousand dollars a mile.
When such railroad is operated in
this state by corporation and COM
pany by virtue of lease or other
contract, the tax shall be paid by
such leases and may be charged
against and deducted from the rent.
Every corporation, joint company,
person or persons doing express,
telegraph OF telephone business shall
pay tax at the rate of three per
cent on the gross receipts of their
business transacted in this state. In
the case of telephone companies the
rental of instruments shall be includ-
ed in the gross receipts. Every
steamboat company, car or transport
tation company incorporated by this
state shall pay tax at the rate of
two per cent annually on the gross
receipts of their business.
The savings bank tax is left as at
present, but trust companies are tax
| ed one per cent on the average
amount of deposits Accommodations,
deducting whatever they may be re-
quired to pay in government tax,
with some other safeguards against
duplicating taxes on their holdings.
Every home OF foreign insurance
company doing business in this state
shall pay a tax at the rate of two
per cent per month ON the gross
amount of premiums and assessments
collected on their business in the
state. In addition every life insur.
ance company shall pay one-half OF
one per cent per annum on all sur
plus over and above the necessary
four per cent reserve. From any
tax so assessed upon insurance com
panies there shall be deducted from
the full amount of premiums and as
l sessments the unused balance il
notes taken on open policies, all sum-
paid for returned premiums or can
celled policies and sums paid to 9th
Ell insurance companies, incorporat
ed by this state or to agents within
this state or foreign companies fo
reinsurance ON risks.
> These are in brief the main feat
ures of the bill, which if enacted
expected to yield revenue to tn
= state treasury of about S250,000 an
u nually, or enough to pay all state e2
penses, divided somewhat as follows
L From railroads, $3.50, 900; insuranc
} companies, $4,000; car and steam
; boat companies, $4,000 to $4,000
Il express, telegraph and telephon
IS companies, $4,000 to $780, saving
I banks, etc., $4,000.
n Miss Hemenway's Vermont Histol
:, ical Gazetteer.
l. Volume ~ is received, a sol
$, volume of 1900 pages beside pc
traits and other engravings. Itqui
r exhausts in 900 pages the local hi
id tory of Washington county town
ar The last part of the volume openir
~ the supplement department. Whit