Kansas City daily journal., 1897-02-12
HOUSE PASSES WARDS BILL BY AN
OVERWHELMING MAJORITY.
is LIKELY TO BECOME A LAW.
WILL MAKE A BIG INCREASE IN THE
STATE REVENUE.
Provides for n state Tax of % Cents
on Every 500 Valuation of
Franchises and the Regular
Local Taxes in
Addition.

jefferson City, Nc, Feb. 11.-(Specialo
Among the bills passed by the house to-
day was Wards bill, providing for the tax
alton of franchises, and requiring the state
board of equalization to value the same
The vote was Ill to II. The act provides
that every railway company, street rail-
way company, telegraph company, tele-
phone company electric light company,
electric power company, gas company.
water works company, ferry company,
bridge company, turnpike company, toll
gate company, palace car company. dining
car company, sleeping car company, chair
car company, conduit company, express
company, press dispatch company and eV-
cry other like company, corporation, asso-
citation or individual having or exercising
any special privilege or franchise in this
state not allowed by law to natural per-
sons, or performing any public or quasi
public service, shall, in addition to the
other taxes imposed on them by law, an
nually pay on the true value of its fran
chise tax of 10 cents on each $l00 valua-
ton thereof for state purposes, ana 10
cents on each 500 for the payment of all
state Indebtedness. to the state; and a
local tax thereon to the county, city, in
corporated town or village, township. tax
ing district and school district, where its
franchise or franchises may be exercised,
said taxes to be collected as other taxes
1t is provided that the state board of
equalization shall apportion the amount
and value of the franchise that shall be
subjected to taxation for local purposes, in
county. and said amount so apportioned,
shall pay the same rate per 800 as other
property of private persons pay for the like
purposes in said subdivision.
In order to procure evidence to determine
the value of franchises the owners of fran
chises are to make annual statements TO
hN+
oath. showing the name and principal
place of business of the corporation. COM
pany, association or individual, the kind of
business engaged in, the amount of capital
stock paid up: the par and real value
thereof. the highest price at which such
stock was sold at a bona fide sale within
twelve months, the amount of surplus
funds and undivided profits. and the value
of all other assets: the total amount of in
debtedness, and whether secured by mort
gage; the amount and number of bonds.
and the interest they bear; the amount of
gross earnings. and their income, including
interest on their investments or incomes
kind of tangible property in this state ana
where situated, assessed or liable to assess
ment in this state, and the fair cash value
thereof, and such other facts as said board
may require.
The board shall use this evidence and
any other 1t may be able to procure from
and source whatever. ana shall estimate
the whole and entire value of all the prop
erty, rights and franchises owned, operated
| VI uSeu bS any VI stiil COI OIpoIdtloHS, COM
panies, associations or individuals in this
state and from this total value shall de-
duct the assessed value of the tangible
property. and the amount remaining shall
| be considered the true value of the fran
| chise.
| This is one of the most important meas
ures before the legislature. If the bill be-
| comes law, and ii is expected that ii will
| as there. seems to he little opposition to ii
in the senate. it will add several hundred
| thousand dollars annually to the revenues
/ of the state. The surprising thing in con-
| nection with this bill is the fact that the
| corporations that will be the most affected
| by it seem to have made no attempt &c
| prevent its passage by the house. OF
| course they still have the senate, and there
| is no telling what they may be able to dc
| in that august body of statesmen.