Huntsville gazette., 1885-01-03
The Change in the Revenue Law.

The limit Of our space will not permit US
to give our readers the new revenue Law in
full but we give them an excellent compen-
dunn of the most important changes. which
We take from the Montgomery AdUertiser Of
the 18th inst.
The only change in the exemption laws
is to exempt one sewing macbine in each
family whose taxable property does not ex
seed $3.50. This exemption is especially
commendable, affecting, as it does large
lass of poor people, especially women,
whose sewing machine is their means OF
support.
Tue new bill includes in the tax on mer-
cLandise. supplies kept liy railroads. man
ltacturers or othe. associations aud corpo
rations to be dealt ont to their laborers. 1t
provides for the taxation OF National bank
totk. These shares are to be paid at the
place where such national bank does bus
mess, and by the bank or banking associa-
ion for the shareholders thereof. The bank
is allowed to deduct from its capital stock
Is real and personal property, and the bal-
snce divided by the whole number of
hares, shall constitute the value of each
share for the purposes of taxation. To-get
over the United States law which forbids
he taxation Of national bank capital at
uigher rate than other monsyed capital,
each owner of national bank shares is al
lowed to treat such shares as solvent cred
its. money loaned or credits OF value and
deduct therefrom his Indebtedness under
regulations prescribed by the Auditor.
An important new clause is the one pro-
viding that capital invested in non taxable
bonds or currency shall be taxed if at any
time during the year it shall be reconvert-
ed into property that is taxable,
The old law taxes at tie rate of three
fourths OF one per cent. after deductlng ex-
penses, the gross amount Of commissions
received by commission merchants, factors,
brokers and anctioners in buying and sell
ing. and the gross commissions, without
deducting expenses Of insurance agents.
The law taxes these subjects. at the same
rate OF other property. or three ffths Of one
per cent.
The rate on the gross receipts. after de.
lnct, expenses. of cotton pickeries, ware
houses, gas works, water works, ferries,
toll bridges. public mills aud gins, is rails
ID from three fourths Of Que per cent to
one per cent,
The new bill levies q tax OF 50 Oh the 500
,f the aeceipts of every telephone, telegraph, |
electric light and express company derived |
rom its business in this State Also, two |
per cent on the gross income of sleeping |
;ar companies doing business in this State. |
These are new sources Of revenue.
Another new source OF revenue is tax |
If two per cent. on tie gross receipts of all |
persons or companies engaged in the bus
ness Of leaning money on mortgage or lien
N ony property in this State This ca tches
What are known as tn, foreign loan compa-
lies, lending money Oh farm lands.
The license for retailing liquor is ncreas-
d: on steamboats, from $IOO to s20O. in
owns or villages of less than 81 900 lnhab.
tants, from $50 TO sl00; in places of over
COO inhsbitants and less thar 5000, from
lOO 10 Slof; IN cities OF more than 5.OOo
nhab,tants. from 1925 to s2Go.
The license for wholesale de lers il ia.
reased: in places Of less than l,0CO inhab
ahts. from $50 to 50; OF oyer loco and