The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-05-06
CHAPrER WI.

An Act 10 provide for the imposition of
additional state taxes upon life insur-
ance corporations, n for the collection
thereof.
Whereas, The revenue derived by the
state under existing legislation Is insult
ficient. the public Interests demanding
an increase of state taxes upon life in
surance companies; and whereas it is
undesirable to impose any taxation for
state purposes on life insurance COM
panies not incorporated under the
laws of this state but doing business
therein, because. by reason of the
operation of reciprocal or r~etalia-
tory legislation of other states the com
panies of this state would be COM
PEELED to pay a much greater amount OF
taxation to other states than w1uld be
collected from such companie- { other
states by this State; and VIII, re.ss, such
companies of this State are willing to
bear the entire burden of such Taxa
tion, provided such companies of other
states be relieved therefronis there
fore,
1. be it enacted by the Senate and
General Assembly Of the State of New
Jersey, That all state taxes or charges in
lieu of taxes. which are now imposed by
any law of this State upon life insurance
companies incorporated by other states of
the United States, except such taxes and
charges as may be imposed by the ~recipro-
Cal OE LCLd1ldLOLN LAWS VI bul5 oAdLtt Ire
hereby abolished; and so much OF n act
or acts imposing any such taxes or
charges is hereby repealed.
2 And be IL enacted, That as a substi-
tute for such and charges hitherto
imposed upon companies of other states,
all life insurance companies or this state
shall pay in addition TO the one per centum
tax on surplus imposed by the act en-
titled "An act to provide for the imposi-
tion of state taxes upon certain corpora
tions and for the collection thereof" ap-
proved April eighteenth, one thousand
eight hundred and eighty-four, a further
annual franchise tax OF thirty-hye one
hundredths of one per centum upon the
total gross insurance premiums cole cted
by sue companies of this state during
the year ending December thirty-first
next preceding; provided, that any taxes,
or charges in lieu of taxes, that may here
after be collected by this state from life
insurance companies OF other states shall
be credited in rebate Of the taxes hereby
imposed on companies of this state, in
proportion to the several amounts paya-
bic By the several companies OF this state
under this act; the commissions of insur-
ance shall ascertain aud report TO the
state board CT assessors all facts necessary
TO enable the said board TO ascertain and
fix the amount of taxation to be paid by
life iususance companies under this act,
and shall ascertain u report To said
board the amount of rebate 10 be SLOWED
to said companies as herein provided,
and snail also certify TO eaeh Of said COM
pauies the amount of such taxation and
the rebate allowed under this act.
8. And be il enacted. That all the proyi-
sions relating TO the assessment aud co :
lection of the tax provided In said act, ap-
proved April eighteenth, one thousand
eight hundred and eighty-four, aud the
remedies therein contained in the event
of n~on-payment, shall, so far as may be,
be applicable for the enforcement of this
act.
4. And be it enacted, That this act shall