Morning journal and courier., 1889-08-28
THE NEW TAX LAW. Information Furnished by Treasurer
 Henrys The following letter will be of interest to

HenfYs
 The following letter will be of interest to persons having taxable bonds:
 Dear Sir: Since the issue from this office of a circular letter dated July 22, 1889, concern ing sundry of the provisions of the new statute imposing tax on investment brokers and companies, inquiries have been made upon several points not covered in said letter to which it seems desirable to call your at- tention. All bonds, notes or other choses in action upon which the holder desires to pay the tax, must be brought or sent to his office. A description thereof will not be sufficient.
 In the case of bonds which are listed at New York stock exchange, if the person presenting such bonds and paying the tax re- quests that the indorsement may be attached to the bonds, instead of written or stamped upon them, the request will be complied with as I am advised that have such right, in order to avoid destroying the negotiability of said bonds which would otherwise result under the rules of said exchange. All persons sending bonds by mail to this office to be endorsed must inolose sufficient postage for their return; otherwise after they are endorsed they will be held subject to such persons order.
 The payment by broker of the tax of one per cent. upon the amount of bonds sold by him, under the provisions of section 8, of the act, will not procure the exemption from taxation of such bonds under the provisions of section 9, but if the tax is paid upon the bonds themselves under the provisions of Of which they have been made exempt from taxation, sell such bonds without being obliged 10 pay the one per cent. tax upon such sale.
 Notes secured on mortgage on real estate in this State when the borrower has agreed to pay the taxes are by the provisions of l another statute exempt from taxation to the | extent of the assessed valuation of said real | estate. The excess of any such note over ! and above the amount of said assessed valu- | ation of the real estate covered by the mort gage is liable to taxation in the list of the ! lender or mortgagee. The new statute does ! not permit me to accept taxes on this excess, the tax if paid at all to the State must be paid upon the whole of the note. The mort- gage indebtedness, however, may be divided and evidenced by several notes, all of which may be secured by the same mortgage, and if so. one or more of these can be presented at this office, and the tax paid thereon with, out the presentation of or payment of the other notes.
 The State treasurer can receive the tax designated on any note, whether secured by mortgage or not, and whether the mortgage is on real estate situated in this State or any | otAoI Otato. do uHS uotuluB WudtoVoc to QO ' with the question whether the note present ed for taxation is secured by mortgage or not. When the tax is paid that particular note becomes exempt from taxation for the period for which the tax is paid. It may be- | however, that the same note was previously exempt in whole or in part from taxation under another statute. This is matter which concerns only the party presenting the note, and he must satisfy himself as te it. --.
 The treasurer is not authorized to receive any tax for shorter period than for one year nor for any fraction of 8 year. The statute | authorizes the payment of tax of one per- centum on the face amount of @ note or bond for five years, or at the option of the person ] paying the tax "for greater or less number ! of years at the same rate."
 The statute authorizes the treasurer to es- tablish agencies to receive the tax and endorse bonds, etc., in any city or town in this State i-doubtless such agencies would be great | convenience in the large cities-but inasmuch ss no provision was made for expenses of agencies, and as the treasurer is responsible tate to assume the responsibility incurred through such agencies.
 Attention is invited to the fact that all notes, bonds, etc., described in section of the investment tax law will be subject to local taxation, except such as shall be pre-. sented for indorsement and record at the office of the State treasurer on or before Sept. 30, 1889. Every effort will be made at this office to avoid unnecessary delay, but it | is desirable that owners of such described property shall present it for record as promptly ss possible and so aid in the des- patch of business at this office and escape those vexatious delays that perhaps may be unavoidable because of the press of business during the last days in September. Particular attention is requested to the last suggestion.
 ! Very respectfully, E. STEVENS HENRY, Treasurer of the State of Connecticut.