The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1885-07-10
A New Revenue Law.
FULL TENT or THE ACT RELATING TO
STATE TAXATION WHICH THE GOV
ERNoR HAS SIGNED. SOME PRO
VISIONS OF GREAT GENER-
Al IMPORTANCE.


Al IMPORTANCE.
The full text of the new revenue law
of the State, which has received the
signature of the Governor, is given be-
low. Its title is "a further supplement
to the act 10 provide revenue by taxa
ton, approved the 7th of June, 1875"
SECTION /. BE it enacted, etc, that
all mortgages, money owing by solvent
debtors, whether by promissory note
or penal or single bill, bond or judg-
ment, also all articles Of agreement
and accounts bearing interest, owned
or possessed by any person or persons
whatsoever, except notes or bills for
work or labor done, aud all obligations
given to banks for money loaned, and
bank notes and all public loan or stocks
whatsoever, except those issued by this
Commonwealth or the United States,
and all money loaned or invested in
any other State and all other moneyed
capital in the hands of indiyidual citi-
zens of the State shall be and are here
by taxable for State purposes at the
rate of Sthree mills on the dollar of the
value thereof annually; provided that
the same shall, after the passage of
this act, be exempt from all taxation,
except for State purposes; provided the
provisions of this act shall not apply to
building and loan associations.
Sec. 2. All shares of stock in any
bank, banking or saving institution or
company, safe deposit, guarantee, surety
and real estate title insurance or trust
company now or hereafter incorporated
by or in pursuance of any law of this
Commonwealth or of the United States,
shall be and are hereby made taxable
for State purposes at the rate of three
mills on tho dollar of the value thereof
annually.
SEC. 8. In case any bank or savings
institution, safe deposit, guarantee,
surety and real estate title insurance or
trust company, Incorporated by this
State or under the laws of any other
State or the United States, shall elect
to collect annually from the sharehold-
es thereof tax Of six-tenths of one
per centum upon the par value of all
the shares of said bank or savings in
stitution, and pay the same into the
State Treasury on or before the first
day of March in each year. The shares
and so mnch of the capital and profits
of such bank as shall not he invested
in real estate shall be exempt from all
other taxation under the laws of this
Commonwealth.
Sec. 4. That hereafter it shall be
the duty of the Treasurer of eact
private corporation incorporated by OF
under the laws of this Commonwealth
or the laws of any other State or oi
the United States and doing business il
this Commonwealth upon the payment
of any interest or any scrip, bond or Ger
tificate of Indebtedness issued by sale
corporation to residents of this Com
monwealth and held by them TO asses,
the tax imposed and provided for STATE
purposes upon the nominal value O
each and every said evidence of deb
and to report on oath annually on the
first Monday of November to the Au
ditor General the amount of the in
debtedness Of the corporation owned
by residents Of this Commonwealth, a
nearly rs the same can be ascertained
and it shall be his further duty to de
duct three mills on every dollar OF tn,
interest paid as aforesaid and to return
the same into the State Treasury within
fifteen days after the thirty-frst day o
December in each year, and his com
pensation for his services shall be tn
same that city and borough Treasurer
receive for similar services, and for ev
cry failure to assess and pay said Ia
and make report as aforesaid the Audi
tor General shall add ten percentum a
a penalty to the amount of the tax
In payment of said tax by a corpora
ton, the bonds, certificates or other ey
licences of Indebtedness issued by
shall be exempt from other taxation il
the hands of the holders of the same
Sec. 5. 1t shall be the duty of tn
president or cashier of every bank Q
savings institution, safe deposit, guar
antee, surety and real estate title insul
ance or trust company incorporated ur
| der the laws of this Commonwealth, {
any other State or of the United State
and doing business in this Common
wealth failing to pay in the six mill ia
as aforesaid to make report in writin
to the Auditor General on or before IL
Goth day of June in each year, Stain
specifically the amount of capital stoc
and the amount paid in, full and con
plete list of the shareholders of sue
bank or savings institution, with the
residence, and number and par value {
shares of stock held by each person r
spectively, value of said stock in Il
market where such bank is located du
ing the year ending with the goth da
of June, which said report shall be We
flied by the oath of the president {
cashier taken before some officer a.
thorized to administer oaths, and Il
said president or cashier shall also fu
nish a duplicate original of said repo
to the Commissioners of the proper ci
or county in which such bank or ins
tuition is located, to be used by the
for the purpose of assessing all tax
7 against said shareholders. The Audit
General shall have power TO inquire in
, the value of such stock and either aba
! or increase the assessment as may be ju,
Ii the said bank officers shall negle
or refuse to furnish the reports afor
said, as above required, it shall be Il
duty of the Auditor General to requi
the said officers to appear before hi
! in person, with the books and accoun
of the said bank or savings instit
4 tion, for interrogation and examinatio
: and the Auditor General shall ha
power to issue subpnnas and attac
, ments, to be served by any constable
! Sheriff, and to compel the attendan
/, of such bank officer and the producti,
5 of such books and papers as he mi
Q deem necessary to make correct Ii
of the shareholders, with their residen
and the number and value of the
Q shares, and the said Auditor Gener
r may settle an account in the usu
y mode against the individual sharehol
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