Evening journal., 1897-05-15
EQUALIzING TAXATION
The Most Important Meas
ure Reported to the House.
WILL TAX ALL INVESTMENTS

TION LAW-OTHER HOUSE BUSt-
NESS TRANSACTED YEsTER-
DAY.
Stan Correspondence Evening Journal.
Dover May 15.-Early in the session
special joint committee was appoint
ed to formulate a tax bill for state and
county purposes. It was reported to
the House yesterday afternoon by
Chairman Hazell Of the House Com
mittee, and Is as follows:
"An act to equalize taxation for state
and county purposes.
Whereas, IL Is 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, The present system OF
taxation is unjust and oppressive, in
that IL taxes most the property least
profitable and relieves altogether that
which produces the greatest income;
and
Whereas, Every consideration OF
justice equality and fair play, requires
that all property paying interest or
yielding an income should be taxed and
made to bear a fair share Of the bur-
dens OF government; therefore
"Be IL enacted by the Senate and
! House of Representatives OF the State
OF Delaware in General Assembly met:
Section /. That In addition to the
3 real and personal property now liable
70 be taxed under existing laws, It
shall be the duty of the assessor OF the
I various hundreds or assessment dis
tricts in this state to assess at three
4 fourths their actual value, all invest
. ments paying interest or yielding an
income and which are not now taxed
e for either state or county purposes, or
4 exempted by this act, and the same
h shall be taxed for all state and county
!. purposes.
d Section 2. Under the head invest
/ ments, the following kinds are in
@ cluded: All bonds for payment OF
l. money mortgages, stocks OF every
l. kind not herein expressly excepted;
Is all judgments, recognlzances and de-
crees for the payment OF money; all
II judgment notes and certificates OF in
+ debtedness (except such as are given
J. in good faith for goods sold and deliv-
" cred, for wages and such judgment
81 note or other evidence of Indebtedness,
+ as may be given for short periods in
s the course of business and not used or
T. intended as investmentsl; all aliena-
n- ton bonds bearing interest, or when
the interest Is included In The body
he thereof all interest bearing loans 70
any person. firm. company, limited
partnership, bank, banking associa
ton and corporation OF whatsoever
kind whether doing business in this
state CT elsewhere Payment OF inter-
E est in advance or adding It to the prin-
" clpal shall in no case exempt the lend
-. ,r craIftor from tho noyripnf ~ he
tax.
T. "The following are excepted and ex-
m cluded from the operations OF this act:
I'd All loans and evidences OF indebted
st ness of the United States, OF the State
Is, of Delaware, or OF any OF the counties
a thereof Of religious or benevolent as
Of sociations whose real estate is by law
Mt exempt and OF such other securities as
d are now exempt by express provision
d. of law. all loans which are made 70
local manufacturing companies hy-
ly pothecated upon the, real estate Is ex-
he pressly exempt by 3law; all stocks,
bonds and mortgages in educational,
lg charitable, benevolent or cemetery in
ny stitutions. whether incorporaWd or
not and all investments by savings
banks and shares Of building and loan
cd associations and investments made by
IS. them.
Section 3. All classes of property
herein named and made subject to tax
T. alton. shall be assessed and taxed
whether the same be situated in thls
mt state or elsewhere, or whether the
re- same be held as owner or In trust fQl
In the owner in any capacity whatsoever
la and The person owning, holding or con
nd trolling the same shall be required e
ed make returns thereof to the assessor
In of his hundred or assessment, district
ed showing distinctly where the same Is
er situated. owned or held, and the ownel
ia thereof And when such returns are
,ay received by the assessors they shall b'
arranged. alphabetically In the list q
other taxable property, provided, how
ever that any investments liable to as
,e5 sessment and taxation by this act
a. which are taxed in any other state o
N country. are expressly exempted iron
ar the provisions OF this act.
w Section A. The president and sec
fc. retary of all corporations and associa
ain tions liable to taxation under this act
gse shall. on the first day Of December, n
nm each year. make their respective re
.i,i turns under oath to tho assessor OF tn
hundred or assessment district II
which the principal office or businos
place of the corporation or assoclatiol
Is situated; which return shan snow IN
seu whole number Of shares In each OF sal
S,i corporations or associations, the mar
vi ket value of each share and the aggre
Acn gate market or real value of all tn
am am shares, with the name Of the owne
ior and the number of shares owned b
40 each respectively.
Section 5. Any officer OF any col
poration or association failing to max
lnu return or report as herein required
8 shall be guilty of a misdemeanor. an
. upon conviction thereof shall pay
fine of not less than $40 nor more tina
$500. OF be imprisoned not less tina
ten days nor more than six months
Section 6. The intention OF this az
Co being to tax the owners and investor
M OF capital, and not the borrowers @
eA- debtors; therefore, every tndividus
person, corporation, company or asst
an citation whatever, and every office