The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-05-05
PATCHING THE DRAG NOT.
The Democratic Agreement on the
Income Tax.
PROVIDING FOR THE
TAKING OF CORPORATIONS

|
| A Long List of Concerns Liable to Tax
| alton Uuder the I.aw-Attempts to
| Decr..sa .t,. ryos.;,.., r..,a -
s 0"ne 'A '"e AhquisA'oriai
Features-The Operation of the Law
to Extend from 1895 to 1900.
a@'nins 'on' May =" men the senate met
.oA"S d. II d. H. "r. Fest' Democrat OF
'i''ouii' q iieAuoer ol tne Hhance commit
.ee' presented the amendments agreed upon
~ -, 'no Deinooralio caucus OF yesterday.
10y az toia'e u Inc income TAX TO De
ooi1oo'ou hioin ooiporaViohs' providlng Tor
o''1> u : POI oon' oh 'iie nee pronts OF IN
~oo eApenses' OIL al
80 - o'o' A"4ii o'0'' ine ui"noe ana other
no' W appis' no"eVer' TO pullo-
- -e - -o"n 'Aon' 'l~' iiiaAe loans
M -
"eao iaiu oh the taoie
''-1u 80 - path'eu' ihey are as lohoWs;
49, no s'1," % W anu oi are sefichen out ana
..rtaA ne 'oo0,on suOs.iCu'eu 'nereIor;
Snoie snan oe ieVieo anu colected
uros4 -. 49, - Pr "nnuin on 'ne he1
p-ono " inooihe apoVe ordinary WORKING OF
ne.i'u'ions' 'fues ooinpantes, saving lnssi-
M MSu.ions' Ane' .nai1ne' Aie anu osher lnsar-
anoe companies railroads. canal, turnpike,
cahai haVigatioh' SLACK water telephone,
eeieerapn, express, eiectrlc Agnt, gas,Water,
street railway companies, and all corpo-
rations, companies or associations doing busi-
noss fo,, ,ros+ j. ~ TT..a et4
-Ns' ~. PtoA' 4n 'Ao onA'eu osa1es, no
matter how created and organized.
"That said tax shall be paid on or before
'uiS III e.'on year anu Il the presloent or
other oh1ef on1cer of any corporation, COM
pany or association shall neglect or refuse
" nv w.. Ono ooiAooeor VI tne ihterhal
revenue district in which said corporation,
sa"al ooi.pS - " assola'ion slan 10 iocateu or
ensasou II BUSINESS, statement Verlned
by his oath or at1rmati showing the
:, "a oor.o.at;o. S.a. - ~
saiu oolporaeion' company OF association
during the whole calendar year precedi6g
the date of filing said statement. as herein.
,.,,ios -
aieer iequireu, che corporation, company OF
association making default shall forfeit as a
nenaltv the s,1n of Sln00 and IN nor rant of
~. .,s,,>,,-.t - .o.-. . -, - 80
the amount Oh taxes que 1or each month
penalty to be enforced as provided in other
70 =. =, 80 -
Eases u heeAeo' anu ielusai 70 pay penaities
.sTbe NET nrotits or income of all coroora-
~. f-en's - .-Ao..o - ''Ai ~, ~ poi
Clons' companies OF ASSOCIATIONS shal' IN
bondbolders or holders of certificates of in
dehtedness Of any kind or carried to tba
uepteuness "a ens Ainu VI oariieu 70 Inc
amount OF funds, or used for construction,
enlargement OF plant, or any other expendi-
ture OF Investment representing the net
profits made or acquired by said corpora
tions, companies or associations.
That nothing herein contained shall ap-
ply to states counties or municipalities, nor
to corporations, companies or associations
orga niZed and conducted solely for
charitable, religious or educational pur-
poses, nor to the stocks, shares, funds or
securities held by any fiduclary or trustee
for Charts BILE, religious or educational pur-
poses; nor to any organized under the laws
OF any state or territory, or the District OF
Columbia, which make loans only to their
shareholders to enable them to provide A0r
tn emselves homes.
there are ~ addatlo1al hina1dabfs ahmendmebffs
features and lessen the strtngency of the
law. Where a penalty is attached IN the
case one renders fraudulent return the
language has been changed SO as 30 sead:
"a wilfully false or fraudulent return"
In case of failure or refusal to make return
the collector is directed to make the list by
he examination of the person, etc. the
words ''by the examination of his books or
accounts being stricken out. In many
places throughout the income tax law
feature the present wording relates to, the
the wo sscorporatiop. alone is used.
These have been amended so as to include
companies and associations.
At the end OF secflon ~ whlch reguIates
salaries in excess of $4,000, there has been
added the following provision: Provided
that salaries due to state, county OF
municipal officers shall be exempt from tue
income tax h. rein Levied
Tue section of the revised statutes (3l76)
Whlcn feaus: 4. naC Gns toiieoIol iat 1au VI an!