Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-08-23
AMENDMENT NUMBER ONE.

SECTION /. All property in the State, except
railroads, not exempt under the laws of the
United States shall be taxed in proportion TO its
value, to be Gscertained as provided by law.
The word property. as used in this article and
section, is hereby declared to include moneys,
credits, bonds, stocks, dues, franchises andfall
other matters and things, real, personal and
mixed, capable OF private ownership; pT0u7ded,
that growing crops, properly used exclusively
for public schools, and such as may belong TO
the United States, this State, or any county or
municipal corporation within this State, shall
be exempt from taxation. Growing vines and
fruit trees shall be deemed to be and shall be
assessed aud taxed as part of the realty; and,
prorided further, that railroads shall be taxed as
provided in Section Ten of this article; and,
prorided further, that the Legislature may pro-
vide for the exemption from taxation of slips
and vessels owned and registered or enrolled in
this state, or may tax such ships and vessels on
their gross or net earnings, IN lieu of an ad val
orem tax. The Legislature may also provide,
except in case of credits secured by mortgage
or trust deed, for a deduction from credits of
debts due TO bona tide residents Of this Stale.
Double taxation in any form is prohibited.
SEC. s. The Legislature shall, by law, require
each taxpayer in this State to make and deliver
to the County Assessor, annually, a statement
under oath, setting forth specifically all prop
erty, real and personal, except railroad property,
as defined in Section Ten of this article, owned
py such taxpayer, or in his possession or under
his control, at twelve o'clock meridian, on the
first Monday in March.
SEC 10. All property, except railroad prop,
erty, as hereinafter provided, shall be assessed
in the county, city, city and county, town, town
ship, or district In which 1t is situated, IN the
manner provided by law. Every corporation
and person owning or operating railroad, or
any portion thereof, in this State, shall, on or
before the first day of July of each year, pay 70
the State Treasurer an annual tax OF Two ana
half per cent upon the gross earnings, earned
within this State, of such railroad, for the year
ending upon the thirty first day OF Decemper
next preceding, which tax shall be in lieu OF
all other State and county taxes upon the iran
chise, business, right of way, roadway, roadDed,
rails rolling stock, fences, stations and their
appurtenances. and upon terryDoals, Wnen OPP
Grated as part Of such railroad, and upon tne
shares OF the capital stock, and upon the mort
cages, deeds of trust contracts or other obliga-
ton by which debt is secured upon such prop
erty. All other property belonging TO sucn cor,
poration or person shall be assessed ana taxed
as other property is assessed and takea inc
gross annual earnings earned during the year
ending on the thirty first day OF December last
preceding, of all railroads, shall be, annually.
before the first day of May thereafter ascertained
and declared by the State Board of Equalization,
under such rules and regulations as may be pre-
scribed by said Board; l1rorided. however, that
the Legislature may at any time pass laws pre-
scribing said rules and regulations. In al cases
where railroads are situated partly WITHIN TINS
State and partly without this State, the gross an;
nual earnings thereof shall be ascertalned and
determined By taking:
First The gross earnings which. during the
year last preceding, have been earned Whoily
within this State.
Second-The gross earnings which, during ine
same year, have been earned partly WITHIN sni is
State and partly without this State, wnlcn sneli
be ascertained by apportioning sueh e Trrts
between this State and other States OF -. -
ries, in the proportion which the nnmDe a' .,
miles of such railroad situated in TINS t sa
used Ia making such earnings, Des, i =. ,,se nf
whole number of miles thereof, By tne use OF
which such earnings have been inside. me pro.
portion OF interstate earnings thus sscef'aineo