The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-03-23
POR9HR'S
~BLACKGUARDISM
Contemplate Insinuations
Against Mr.. Allen Over
a Newark Tax Bill.
FIGHT OF STATE VERSUS CITY
Method Of Leyying on Insurance
Companies The Cause Of q
Lively Row.

Especial to 1.-THE Jersey City News."1
TRENTON. March %, 1S9s.-One of the
spiciest fights of the session came off yes
terday afternoon in the House over MIR.
Porter's bill diverting certain taxes now
paid by life insurance companies doing
business in this State from the State
Treasury to that of the municipalities in
which the Offices are located.
AS told in 1.-The Jersey City News last
week, the bill would deplete the State
Treasury to the extent of about 125, 900,
most of which sum would go to the city
of Newark. The present law prescribes
that each insurance company shall pay
to the State a license fee of l per cent. on
the amount of it's surplus and a further
tax of thirty-five one hundredths per
cent. on the total insurance premiums col
lected. The law proposed by Porter pro-
vided that
Each life Insurance company incorpo-
rated under the laws Of this State shall
pay to the State an annual franchise tax
upon the amount of its surplus on the
thirty-first day of December next pre-
ceding the time of such payment one-half
of one per centum, as the same shall be
dSOC1l III Ny liz
ing and Insurance of this State. according
to the ~actuaries' table of mortality, with
four per centum interest, or if any ether
standard or method of valuation, giving
greater protection to the Insured, shall be
adopted according to law by the Commits
sioner of Banking and Insurance OF this
State, then according to such standard or
method; the Commissioner of Banking
and Insurance shall ascertain and report
to the State Board of Assessors all facts
necessary to enable the said Board to
ascertain and fix the amount of taxation
to be paid by life insurance companies
under this section, and shall also certify
to each of said companies the amount of
such taxation.
No other State taxes shall be imposed
upon such companies and no State taxes
or charges in lieu of taxes or charges for
license fees of agents shall be imposed
upon life insurance companies incorpo-
rated by the laws of other States of the
United States, or upon the agents of
such companies, except such taxes and
charges as may be imposed by the re-
ciprocal or retaliatory laws of this State.
All the provisions relating to the as
sessrrent and collection of the tax pro-
vided in the act entitled .An act to pro-
vide for the imposition of State taxes up
on certain corporations and for the coll
lection thereof approved April eigh-
teenth, one thousand eight hundred and
eighty-four, and the remedies therein
contained in the event of n-on-payment
shall, so far as may be, be applicable for
the enforcement of this act.
~ t~-1-oAr
ated under the laws of this State shall
be assessed and taxed for the full amount
of its property and valuable assets lex
elusive of real estate situate in the State)
after dedueting the amount of its debts
and liabilities, but no deduction shall be
made therefrom for non-taxable property,
and hat to ascertain the said amounts a
statement of the amount of the assets
and the amount of the debts and the
amount of the liabilities as they existed
on the thirty-ffrst day of December next,
preceding the making of such statement,
shall annually be made to the assessor or
taxing officers or board in the township
or city where the life insurance company
is located, upon the oath of the presi-
dent or other officer of such company;
and no other municipal tax or assessment
shall be imposed upon such ex-
cept on real estate, as provided in section
six of this act and that among the liza
bilities of such company shall be included
| the net reserve liability on policies, ascer-
tanned according to the standard or
method employed in section one Of this
act.
Capital stock shall not be regarded for
the purposes of this act as a liability and
| shall not be deducted from the amount of
property and valuable assets in making
the statement mentioned in section four
of this act, and the persons holding the
| capital stock of such companies shall not
be assessed or taxed therefor.
Any real estate owned by such COM
| panies situate in this State shall, in addi-
ton, be separately taxed in the township
or city where the same is located
In advocating the bill Mr.. Porter said
that it came from the Legislative Com
mite of Newark: that it would add
greatly to the revenues Of that munich
pality and that the insurance companies
were willing to "a to the city.
Mr.. Bell spoke vigorously against the
measure, pointing out that it would di-
vert a large sum of money from the State
Treasury and give it to Newark. That
he declared was unjust and placed an
additional burden upon the taxpayers Of
the State for the benefit of Newark
That, he argued, was unjust and I'M
wise, and he could not see why the tax
payers at large should suffer for the
benefit of one municipality.
Mr.. Allen attacked the bill also. He had
spent considerable time, he said, in OBJ
tanning intelligence upon the subject and
he had learned that it did not come
from the Legislative Committee Of New
ark, but that it was drawn up by JOSEPH
Colt, the ounsel for the Prudential In
surance Company, and was in the in
terest Of that and the Mutual Insurance
Company, also of Newark. Any mar
Who supported the bill, he declared
would bear the imprint and the yoke Of
the corporation. The bill was further
opposed by Mr.. Mckee Of Passaic, who
said he had looked carefully into ths
matter and he found that IT would take
money out of the State Treasury and
give it to Newark. Tha money was
needed by the State for the conduct Of
the States business and would nav Il
be raised by taxing the people Of thu
State.
Mr.. Porter. who IS never happy unless
he is making some mean contemplate
fling at Hudson men, flew to the defence
of his bill. and threw out some nasty
i~nsinuations against Mr.. Allen. He said
hat Mr.. Aliens action or this measure
aLA &A# 49,. 80