The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1885-02-06
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To regulate the taxation of Private Corpor-
ations for Public purposes.
SECTION l. BE it enacted by the
Senate and House Of Representatives
of the Commonwealth of Pennsyl-
casia IN General assembly met, and
it is hereby enacted By authority Of
the same That the Commissioners or
Boards of Revision of each county of
this Commonwealth shall annually
cause a just and considerable assess
ment of the actual cash value of the
capital stock or shares of every pri-
vate corporation whose principal office
OF place of business shall be in the
county, and to this end shall issue in
structions to the several district as
SCISSORS of taxes and shall require from
them returns or corrected returns of
all such stock or shares in their re.
spective districts with true cash valu
ations thereof, and in any and every
case may correct, add to or amend
the returns made or may themselves
make such returns and valuations, and
for the purpose of securing, making
or correcting such returns and val
uations as aforesaid shall have all the
powers of court of record to pro.
cure evidence, parol or written, and
enforce its production by subpoena or
attachment.
SECTION The Commissioners or
Boards of Revision of each county
shall annually as soon as the aforesaid
returns and valuations of corporate
stock or shares shall be completed,
make out full report and exhibit of
the same, duly certified, to the Auditor
General of the Commonwealth, and
said reports and exhibits shall be prinad
fdcie evidence of the facts and of the
correctness of the valuations set forth
therein.
SECTION 3. Upon returns made to
him under existing laws and under the
provisions of this act, the Auditor
General shall proceed to ascertain and
fix the amount and actual value of the
capital stock or shares of each and
every private corporation subject to
taxation upon its stock or shares, with
power to correct, add to or amend the
returns made, or himself to make or
approve new valuations, and to this
end he shall have authority to require
special examinations and reports to
be made to him by County Commits
sioners or Board of Revision, or spec
ial or additional returns from officers
of corporations, or may cause in the
case of any corporation Especial exam
ination and report upon the amount
and value of its stock to be made to
him under oath by an expert or an
employee of his office but in case of
new valuation of corporate stock or
increase thereof by him above the
valuation reported by County Comm
issioners or Board of Revision, he shall
cause notice to be given to the corpora
ton interested and reasonable time al
lowed, not exceeding twenty days, to
such corporation to show cause why
his decision shall not be reconsidered
and changed.
SECTION 4. The Auditor General
and State Treasurer shall annually fix
rate of taxation upon the Capital
stock or shares of private corporations,
subject to tax, the proceeds OF which
shall be sufficient when added to other
state taxes upon such corporations to
cover the estimated amount of annual
State expenditure, for the support of
the Legislative, Executive and judicial
branches of the State Government,
including interest upon the public debt,
pensions and gratuities, Charitable In
stitutions, Soldiers Orphan Schools
and National Guards, and also for
the entire support and maintenance of
the Common Schools of the State and
for appropriations TO Normal Schools,
snd in case of disagreement between
the Auditor General and State Treas
urer in the performance of this duty
the matter Of difference shall be sub
mitted by them to the Governor of the
Commonwealth and shall be determin,
ed by him.
SECTION 5. Every private corpora
tion aforesaid, shall pay to the Com
monwealth tax upon its capital stock
or shares according to the tax rate so
fixed by the Auditor General and State
Treasurer, in the same manner and
subject to the same provisionsas those
contained IN existing laws for impos-
ing and collecting taxes upon such
capital stock or shares, except that
any present rate of taxation thereon
and any computation of stock tax in
proportion dividend, to shall be super
seeded by this act.
SECTION. 6. All taxes upon capital
stock of private corporations imposed,
levied or charged before the first day
of September next shall be paid and
collected as if this act had not been
passed and nothing contained in this
act shall be held to impose or author
ize tax upon SO much of the capital
stock of any corporation as shall rep
resent property free from taxation
under acts passed in pursuance OF the
first section of the ninth article of the
Constitution.