New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-04
AMENDMENTS TO TAX LAWS.
THE CONTROLLERS BILLS INTRODUCED IN THE
ASSEMBLY.

THE CONTROLLER'S BILLS INTRODUCED IN THE
ASSEMBLY,
Albany Feb. 3.-In the Assembly to-day the five
bills Of the Controller to amend certain sections Of the
laws with regard to taxation were intrOdcccd-thc
first by Mr. MoCelland. the second by l.. T.. Bu,h the
third by Mr.. McMahon and the other two BY Mr.
Blumcnthal. Following are thci: provisions:
Controllers bill NJ. Am act % further amend
Chapter 100 Of the laws Of 1e-2 known the banking
code This bill extends the provisions for taxing the
business Of foreign banks and bankers I'm this state
The bill provides for tax upon every corporation, OF
private banker within tins state who shall, or be
fore the first day Of February in each year. pay 10 the
Controller state tax upon the business Of each done
in this state the Of all sums Of money 10
cevcd deposit, and Of all Of money received In
connection with it On account Of such business used
or employed in such business. from the year ending
on the preceding December 81 and for each year at
the rate OF one half Of per cen'um. Th, bill also
provides for making returns the Controller annually
and that the Controller shall make investigations and
examinations for the purpose Of aaccrtnning Tie
proper basis for the tax.
Controllers bill No. 2An act TO amend Sections l
and 3 Of the general corporation tax law This bill
provides for lcvying tax upon capital stock, a. pro
vded in the original law in all at the rate Of
l IL mills upon each dollar liable 70 be taxed, 50
that the in all Will be alike. The principal
object OF this bill is 10 prevent corporations from
avoiding the tax dividends, as heretofore where
part only Of the earnings distributed I'm dividends and
tho residue passes into the surplus account and there
by escapes taxation.
Controllers bin No 3-An act to provide for taxing
the Indebtedness Of corporations Joint stock com
panes and associations. This bill provides for tax
upon the Indebtedness Of corporations Of ali scrip,
bonds notes Of er .DLgatlOns. AT ihD rate Of one
quarter mill upon each dollar Of the valuation thereof
for every one per centum Of the interest payable an
nuay upon such bonds other indebtedness a. may
bold al r.sldcutS OF his Reports
are required 10 he made annually in the month Of no
vcmber and the companies permitted to deduct the
tax 10 be paid on interest income from the holder
or owners and pay the into the state Treasury
and for every failure make report the Controller Is
entitled 10 add 10 the annual tax ten per cent thereon
az a penalty The Controller Is also authorized 10
make examinations and investigations for the purpose
Of ascertainng the proper basis for the tax After
the expiration of thirty days from the service Of notice
of settlement Of taxes the Controller authorized TO
draw his warrant directed 10 any sheriff within the
state to collect, a. III INC case Oh All cAco"V uucr
judgment.
controllers bill No. "A bill TO amend Section !
~ Cbaper 713 Of the laws Of 1857, entitled An act
10 amend the original law 10 tax gifts, esaccs and
collateral nhcritances in certain cases. This bill
provides for lax i'll addition 10 the > per cent tax
now provided against certain collateral heirs dcVsccS
and lcgaccs general tax Of 81 upon every 800 Of
the actual value thereof above the amount or value OF
500 upon the property, or interest III property
which shall pass from any person 10 any person pr
persons, body polite or corporate, in any way what
ever in any amount over and above the ~td value OF
100000. without exception, t. be aNcertahcd ana
determined according to the provisions OF the original
law and collected and paid into the treasury Of the
state for the benefit Of the general iund
Controller bin 80. a bin To- amend section
for refunding erroneous payments OF tAes' ana al-
thOrizng the Controller in any case OF any erroneous
any comfy or the Controller Of the city of New York
to refund the amount Illegally PAID