Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1897-03-10
Misesllaneols geading.
THE INCOME TAX ACT.

THE INCOME TAX ACT.
Right In Principle, but Does Not Start Low
Enough Down.
News and Courier.
Following is the full text of the
income tax act passed at the session
of the general assembly just closed:
Section 1. That from and after the
1st day of January, 1898, there shall
be annually assessed, levied and col.
lected upon the gains, gross profits and
income received during the preceding
calendar year by every citizen of this
state, whether such gains, profits or
income be derived from any kind OF
property, rents, interest, dividends or
salaries, or from any profession, trade,
employment or vocation carried on in
this state, or from any other source
whatever, a tax of 1 per centum on
the amount 80 derived over and above
81, 500 and up to $4,000, II per centum
on $1,000 and over up to 81 800, 2 per
centum on 81, 500 and over up to $10,-
900, d per centum on $4,000 and
over up to $4,000, 8 per centum on
SIS, 900 and over, and a like tax shall
be assessed, levied and collected an.
nually upon the gains, profits and
income from all property owned and
every business, trade or profession car.
ried on in this state by persons resid-
ing without this state, excepting such
corporations as are hereinafter except.
ed: Provided, that in estimating
gains, profits and income there shall
not be included interest upon such
bonds or securities of this state or of
the United States the principal and
interest of which are by the law OF
their issue exempt from taxation.
Sec. 2. That in computing incomes
the necessary expenses actually incur
red in carrying on any business, occu'
patton or profession, not including re-
muneration to the taxpayer for per-
sonal supervision or the support and
maintenance of his or her family, shall
be deducted from the gross income or
revenue; and the word ''income" as
used in this act shall be deemed and
taken to mean "gross profits :" Pro.
yided, that no deduction shall be
made or allowed for any amount paid
out or contracted for permanent i'm
provements or betterments made to
increase the value of any property OF
estate, or for the increase of capital
capital stock or assets.
Sec. 8. That the word "citizen'
and "person" as used in this act shall
be deemed to include all natural per-
sons, all co-partners and all members
of any incorporated association, and to
exclude, except as hereinafter includ.
ed, all corporations duly chartered by
the laws of the United States and of
this or any other states.
Sec. 4. That the tax here provided
for shall be assessed, levied and col.
lected in the same manner, at the
same time, as other taxes, and by the
same county officials as are now
charged with the assessment, levy and
collection of state and county taxes
and shall be paid into the state treasu-
ry as other general taxes.
Sec. 5. That all persons liable fol
the payment of any of the tax herein
provided for shall, at the times now OF
hereafter provided by law for the max
| ing of returns of personal property,
make under oath full and complete
| list or return, in such form and man
ner as may be directed by the comp
troller general, to the auditor of the
county in which they reside, or in case
of non residents of the county or coun'
ties where said gains, profits or income
arise, of the amount of their income,
gains and profits aforesaid, and the
property or investment, if any, upon
which the same are computed, and
such other particulars as may be re-
quired by the comptroller general.
All persons, whether natural or cor,
porations created by charter, acting as
guardians, trustees, executors, admin
istrators, agents, receivers or in any
fduciary capacity, shall make and
render a list or return as aforesaid to
the auditor of the county in which
such persons or corporations acting in
fiduciary capacity resides or do bust,
ness of the incomes, gains and profits
of any minor or person for whom they
act.
Sec. 6. That any person or corpor-
alton failing or refusing to make the
list or return required by this act, or
rendering wilfully false or fraudulent
list or return, shall be assessed by the
auditor on the account of said income
tax in such amount as appears to him
from the best information obtainable
by him either by examination of the
defaulting taxpayer or any other evil
dence, that such taxpayer is liable for
and in case of failure or to neglect to
make said list or return the said
auditor shall add so per centum as a
penalty to the amount of tax due; and
in case of a wilfully false or fraudu-
lent return or list having been render
ed, the auditor shall add 100 per CEN
tum as penalty to said tax; the tax
and the additions thereto penalty to
be assessed and collected in the man.
ner provided for in the case of failure
to make returns or lists of personal
property.
Sec. 7. In every respect not herein
specified the returns for and the levy
and collection of the tax provided in
this act shall be subject to all the pro-
visions of law relative to the assess
ment and collection of taxes on person
al property.
Sec. 8. That it shall be unlawful for