The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-02-05
LIFE INSURANCE TAXES.
A Bill to Increase Those Of
Foreign CompanieS-lm-
portant Divorce
Amendment.
specinl 70 Ae Jerser 60 Ne,ra.

Atousc esHJouNucu 1tobctud1 uiofnthk -At-
Bertram, chairman Of the Committee on
Banks and Insurance. introduced an inn
portant bill. II abolishes the State tax
on all foreign life insurance companies
and substitutes 10 its place and In adj
dttion to the one per cent. on surplus
further annual franchise tax OF thirty
fve one-hundredths OF one per cent. upon
the total gross premiums collected by
such companies during the preceding
year ending December 81
This is the text OF the measure:-
Whereas. The revenue derived by the State
under existing legislation Is insufficient, the
public interests demanding an increase Of State
taxes upon life Insurance companies; and
whereas. Il Is undesirable 10 impose any taxa
ton for State purposes on life Insurance. COM
panies not Incorporated under the laws OF this
state for doing business therein, because. by
reason OF the operation of reciprocal or retaiia
tory legislation OF other States, the companies
Of this state would be compelled to pay much
greater amount Of taxation to other states than
would be collected from such companies Of
other States by this State; and whereas, such
eutlFe burden of such taxation, provided such
OF other States are relieved tnerefroni there
fore,
l. Be 1t enacted that ali State taxes or charges
In lieu Of taxes which are now imposed by an
law of the State upon life insurance companies
Incorporated by other States or the United
States, except such taxes or charges as may be
imposed oy the reciprocal or retaIiatory laws Of
the State are hereby abolished and so much Of
any act or acts imposing any such taxes or
charges Is hereby repealed
?. Be il enacted, That a substitute for such
taxes charges hitherto imposed upon COM
panies OF other states, all life insurance com
panies OF this State shall pay n addition TO the
one per cent. on surplus Imposed by an act en-
titled An act to provide for the imposition OF
state taxes upon certain corporations and Tor
the collection thereof approved April Is, 1884,
further annual franchise tax OF thirty five one
hundredths of one per cent upon the total gross
insurance premiums collected by such com
panies of this State during the year ending
December 81. next preceding; provided
that any taxes or charges in lieu of
taxes that may hereafter be collected by
other States shall be credited in rebate of the
taxes hereby imposed on the companies Of this
State in proportion TO the several amounts pay
able by the several companies Of this State
under this act; the Commissioner of Insurance
shall ascertain and report to the State Board of
Assessors all facts necessary 70 enable said
Board to ascertain and fix the amount Of taxa
tion TO be paid by life insurance companies under
this act and shall ascertain and report to this
Board the amount of rebate TO be allowed TO
said companies as herein provided; and shall
also certify TO each of said companies the
amount Of such taxation and the rebate allowed
under this act.
s. Be it enacted that all the provisions relat-
ing to the assessment and collection of the tax
provided In said act, approved April IL, 1884,
and the remedies therein contained. in the event
Of non-payment shall so far as may be. be ap-
plicabe TO tine enforcement OF this act.
L. Be it enacted that this act shall take effect
alteration by the Legislature.
HOW THE TAX Is NEEDED.
This bill was introduced at the instance
of Governor Albeit, who dwelt extern
sively upon the subject in his recent mes
sage. He thinks that the present system
of taxing these companies is bad one,
and that the State Is reaping very little
benefit from these foreign companies. Be-
tween 1888 aud 1889 the foreign companies
collected from the people of this State in
q 4 II.
have paid the Stute IN taxes during those
years only $57, ,625. AZ. or aoout one-half of
one per cent. of gross premiums.
The present law which allows deduc-
tions or rebates of various kinds, the
Governor thinks. enables these companies
by system OF bookkeeping and charges to
reduce the two per cent. on the premiums
provided by the act, so that little or moth
ing is left for the State. Most Of the
states represented by companies doing
business in New Jersey have laws requir-
ing direct tax of at least two per cent.
upon gross premiums. An act taxing
gross premiums only one per cent. with
out any deduction would have yielded the
state over 100000. Another measure
upon this subject introduced some time
ago provides for commissioner OF in
surance.
THE DIVORCE LAW AMENDMENT
The amendment To the divorce laws,
which was introduced by Senator Werts
Tuesday, is a very important measure.
The bill was drawn by Allan L. McDer-
mott. 1t provides for a limited divorce
for those who are conscientiously op-
posed to an absolute divorce, aud the
effect Is really the same. 1t is for the
benefit of members OF the Roman Catho-
lie Church who are generally opposed to
obtaining an absolute divorce Under the
present law person can obtain an abso-
lutte divorce for adultery, desertion aud
extreme cruelty. As amended, the party
can obtain the same or in the case OF ex-
treme cruelty for limited time as shall
seem Just and reasonable, but IN every
case, except for extreme cruelty, party
applying shall prove that he or she has
conscientious scruples against applying
for a divorce from the bond OF matri-
mony. When such proof has been made
the court, in case it shall deem it just,
may also decree that the guilty party
shall forfeit all right of dover, courtesy
and administration of or participation in
the property or estate of the party in
whose favor the decree is entered.
A bill passed the House yesterday pro-
viding for the appointment OF SIX COM
missioners of deeds for each township.
These important bills have been intro
duced:-
Mr.. Werts, for the President Amends
the Railroad Corporation act approved
April 2, 1888, by providing that the survey
OF the route of any branch shall not be
| filed with Secretary OF State until there
shall have been deposited with State
Treasurer s2.OO0 for every mile. which
amount shall be repaid TO said company
when it shall have been proved that that
amount has been expended oa each mile
| OF the road. Such branches must be
completed within two years from COM
mencement.
Mr.. Werts, by request. Provides that
when necessary the State may commence
| proceedings to restrain any other State or
person or corporation from diminishing
| the flow OF any stream of potable water
| at point where it enters the State.
Mr. Werts Provides for a tax of 5 per
cent on all property left as legacies, &c..
| and provides method of collecting same
| Mr. Werts. Allows governing bodies Of
cities, towns, burroughs, villages and
townships TO Issue bonds to amount of
$40. 900 for implements OF roads, streets,
! &c.
Mr.. Marsh. Requires the con-
sent OF one-half the property owners af-
| fected before tue Road Board in any
county shall designate the location of
poles for electric railway systems.
Mr. Marsh. Provides that three or
more persons may incorporate for care,
cure, nurture or maintainanee of sick. in
| jured, infirm. deaf, dumb. etc. Educa-
| ton.
| Mr.. Winten. Extends time for build
| ing railroads two years, when time ex-
= !. ~ Cfs1