Delaware gazette and state journal., 1897-06-10
THE LAW FOR TAXING INVESTMENTS

hill recently passed. Dy tne Legislature,
together with the supplements, Is as
follows:
An act to equalize taxation for State,
and county purposes.
Whereas, It ia but Just that the
burden OF taxation should be adjusted
and distributed SO that it may bear
equally upon all according to the value
OF every mans estate; and
Whereas, Tho present system OF taxa
tion is unjust and oppressive, in that
it taxes most the nraperty least profit
able and relieves altogether that which
produces tho greatest income and
Whereas, Every consideration of
justice, equality and fair play, re
quires that all property paying interest
or yielding an income should bo taxed
and maie hear d fair Hhare of the bur-
dens Of the government; therefore.
Be it enacted by the Senate and
House of Representatives of the State
of Delaware in General Assembly met:
Section /. That in addition to the
real and personal property now liable
to be taxed under existing laws, it
shall be tho duty of the assessor Of the
various hundreds or assessment dis.
tricts in this State to assess at three
fourths their actual cash value all in
vestments paying interest or yielding an
income and which are not now taxed
for either State or county purposes, or
exempted by this act. and the same
shall ba taxed for all State and county
purposes. la IT,
Sec. 2. Under the head Invest
ments" the following kinds are in.
cluded: Al honda for tine payment OF
| money, mortgages. stocks OF every
| kind, not herein expressly excepted,
| all Judgments. recogniZances and de
crees for the payment nf money; all
| judgment notes and certificates of in
debtedness Except such as aru given
| in good faith for goods sold and dc
liyered, for wages and such judgment
note or other evidence of indebtedness,
as may be given for short periods in
the course of business and not used or
intended as investmentsl all aliena-
tion bonds bearing interest, or when
the interest is included in the body
thereof all interest bearing loans to any
person, firm, company, limited partner
ship, bank, banking association and
corporation of whatsoever kind, whether
doing business in this State or else
where. Payment OF interests in adj
vance or adding it TO the principal
shall in no case exempt the lender or
creditor from the payment Of the tax.
The following are excepted and ex-
cluded from the operation of this act
All loans and evidence of Indebtedness
OF the United States, OF the State Of
Delaware or of aLy of the counties
thereof; OF religious or benevolent asso.
citation whose real estate is by law
exempt aud Of such nther securities
rs are pow exempt by expressed pro.
pisionsA Of law: ali loans which are
made TO local manufacturing com
panies, hynothecated upon the real
estate OF such companies, when their
real estate is expressly exempt by law
all stocks, bonds and mortgages in
educational. charitable, benevolent oil
cemetery institutions whether in.
corporated or not. and all Investments
by savings bauks and shares of build
iug and loan associations and invest
ment made by them.
Sec. 3. All Glasses of nroperty hereir
named and made subject to taxation
shall be assessed and taxed whether
the same be situated in this State O.
elsewhere. or whether the same be hell
as owner or in trust for the owner il
any capacity whatsoever, aud the ner
son owning, holding or controlling tht
same sball he required to make RETURN
thereof to tbs assessor OF his hundred
or assessment district, showing dis
tinCtly where the aane ia situated
owned or held, and the owner thereof
3 And when such returns are received b.
| the assessors, they shall be arranged
8 alphabetically in the list of othe
5 taxable property, provided howsye
that any Investments liable to assess
: ment and taxation by this act, whicl
. are taxed in any other State or country
i are expressly exempted from the pro
q visions OF this act.
Sec. A. The president and secretar
0 of all corporations and association
o liable to taXtion under this act. sha
ON the frat day of December in eac
n year. make their respective return
g under oath to the assessor of tine hun
dred or assessment district in whic
the principal office or business plac
of the corporation or association
t situated which return shall show th
d whole number of shares in each of sal
: corporation or association, the marke
9 value of each share and the aegregat
: market or real value Of all the shares
y with the name of the owner and th
n number OF shares owned by each re
+ spectiyely.
s Sec. 3. Any officer of any corporatio
8 or association failing to make retur
s or report as herein required, shall b
j. guilty of mistiemeanor, and upo
s conviction thereof snail pay fine {
b not less than ten or more than fiv
hundred dollars, or he imprisoned nc
lass than ten days nor more than 81
months.
IL Sec. 6. The intention of this at
/. being to tax the owners and investor
J. of capital, and not the borrowers
J.. debtors; therefore every individual
!: person, corporation, company or asso
}, citation whatever, and every office
!. thereof, asking, demanding, contract
ing for or receiving any money or con
d sideration whatever on account OF sal
!. tax, in reduction thereof or otherwise
,s or who shall by any devise whatsoeve
d impose or try TO impose such tax {
any part thereof upon any debtor whol
,s soerer, under any pretext whatsoever
,r shall be guilty of misdemeanor, an
9 shall upon conviction thereof, be fine
j. in any sum not less than ons hundre
t. dollars nor more than one thouaan
lie dollars and costs.
la Sec. T. Each and every debtor
bond, judgment, mortgage recoe
!, nizances, decree or otherwise, (whos
I: debt is liable to taxation under thi
3; act) when the creditor is a nor
=, resident of the county or State, sha
i. be liable for the tax on his debt,
} the first instance; but upon paymer
thereof. he shall be entitled aud