The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1891-08-05
THE REVENUE ACT OF 1891.

A pamphlet prepared by Hon. John
A. Glenn, of the Auditor Generals
department, gives some interesting in.
formation relative to the new revenue
act known as the Boyer bill, passed
during the closing days of the recent
legislature. Among the changes in
the old law made by this bill, are the
following:
Section l taxes all personal property
with certain exceptions at four mills upon
the dollar of the value thereof, instead of
three mills, rhder the act of 1889. This
section takes effect January l, 1892.
Section 2 taxes all stages, omnibuses,
hacks, ETC., used for transporting passen-
gers for hire, and all annuities yielding
over 5000 annually, at the rate of four
mills upon the dollar of the value thereof,
instead of three mills, under the act of
1889. This section takes effect January /,
1892.
Section provides that three-fourths or
three mills, instead of one-third, or one
mill, as at present, of the personal prop
crty tax, shall be returned promptly to the
respective counties for their own use.
This section takes effect January /, 1892.
Section taxes the capital stock of cor
porations. The first report under this
section is to be made for the year ended
the first Monday of November, 1892, and
annually thereafter. This section is new
as far as the valuation of the capital stock
is concerned. 1t does away with the divi-
.dends as basis of taxation, except in so
far as they indicate value. The basis of
valuation is the average price of the stock
during the year, or that indicated by the
net earnings or profit made, declared in
dividends, or carried into surplus or sink
ing fund. This section also provides that
upon failure to make a report of capital
stock for period of sixty days, the Audi
tor General and State Treasurer shall esti-
mate valuation and settle an account,
from which there shall be no right of
appeal.
Section changes the rate of tax to five
mills upon the actual value of the whole
capital stock, except in the case of fire
and marine insurance companies, the cap
three mills upon its actual value.
Section taxes incorporated state banks,
and changes the optional tax from six
mills to eight mills, and in case of failure
TO elect to pay the eight mill tax, then they
are to report the value of the stock in the
market which is then taxed at the rate OF
four mills, and the shareholders are taxed
at the same rate locally.
Section relates to the taxation of ma
tional banks, which are taxed at the same
rate as incorporated state banks.
Section s repeals all inconsistent acts,
reserving the right to collect taxes or pen
alties accruing under prior laws.
The difference which this law makes
TO our county is found to be of con
siderable importance when it is seen
that, under the old law we received
for school purposes $2,598.66, while
the new gives us $6,496.66. And in,
stead of S193.41 personal tax returna
BILE under the old law, we now gel
$58024.
When the bill was before the HOUSE
on final passage, Messrs. Ritter anC
Wherry, the Democratic leaders, mad,
a motion to indefinitely postpone,
which is one way of killing a bill
Against this motion several very abl,
speeches were made, but none more t.
the point than the following pithy re
marks by DIR. fowler of this county
which form part of the pamphle
referred to, as follows:
"Mr. Speaker, hope there will br
no confusion in the minds of the gen
tlemen on the floor of this House il
regard to this matter There is nc
time for quibbling. 1t is we'll under
stood by this chamber that the Other
chamber has substituted this bill
Whether that was right or wrong il
none Of our concern. 1t is equally
we'll known that all revenue bills must