The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-13

or telephone line also. on life FIRE. ma
rine or accident insurance or companies for
the security and assurance of employers
against losses by employees all of which are
10 pay on the basis OF premiums and assess
ments collected and the duties accruing,
ike taxes to be paid by foreign companies
doing business in the United States; also,
on persons, etc, furnishing gas or electric
light, electric power steam heat steam
power, refining sugar or refining petroleum.
Then follows the provision for a tax on
corporations, giving the exemptions, which
is as follows:
THAT every corporation doing business In
the United States, whether chartered under
the law OF the United States or any State
or Territory of the United States or any
foreign country, shall pay a special annual
excise tax and said tax shall be the equiv
alent of one-fourth of 1 per centum Of the
corporations derived from such business;
provided, that this section shall not apply
TO any corporation that is subjected to ex-
else tax under sections Of this act, nor to
religious, educational, benevolent, eleemos-
nary or cemetery corporations municipal or
other PUBLIC corporations. fraternal benef-
CARY societies or orders or associations OPP
Grating upon the lodge system and provid-
ing for the payment of life, SICK accident
and other benefits to the members of such
societies, orders or associations and de-
pendents of such members. building and
loan associations which make loans only
TO their shareholders; nor shall corpora
tons which buy and sell raw or unmanu-
tactured domestic agricultural products be
required to pay any tax with respect to
SuCu except as OtnerWlS6 PROVIDED
in this act.'
EXCISE TAX ON BANKS.
Another paragraph In this portion of the
bill imposes an excise tax on banks, as fol-
lows:
Every person, bank, association COM
pany or corporation engaged in the business
OF banking Shall pay special excise tax,
Whlch Shell be equal to one-forty-eighth of
l per centum each month upon the average
amount OF the deposits of money subject to
payment by check or draft represented by
certlncate Of deposit or otherwise, whether
payable on demand or at some future day."
PERSONS affected by these provisions are
required to make monthly returns. Eva
SlonS or payment for ten days are punished
by the addition of 10 per cent, and for at
tempts at knowing evasions penalty Of
II, 90 is provided.
Taking up the bill at the beginning, the
more important amendments are as follows:
stored beer. ale, etc, are exempted from
the operations of the act; the discount on
the beer tax is increased from to ~ per
cent; for the House provision for stamps
on beer, etc., simpler one is substituted.
A license Is imposed on bankers etc., as
tolloWs: On bankers employing a capital of
$4,000 or less, 800 for each license and 81
for each additional $1,000 of capital, savings
banks being exempted; brokers, $50; pawn
brokers, $50; commercial brokers' 500; GUS
tom-house brokers, $40; foreign insurance
agents, 500; proprietors of theaters, muse
ums, concert halls, circuSeS, 800 each; other
public exhibitions, $40; bowling alleys and
billiard rooms. SIS per table.
There are great many changes in the
tobacco schedule The tax on manufactured
tobacco. snuff, ETC., is increased from IL
cents to 10 cents per pound; the tax on
cigars weighing more than three pounds
per thousand Is reduced from 81 to 49, so per
thousand; on small cigars from 81 to 81; on
cigarettes from 81 to $3.50 per thouT3ind.
hand is stricken out There is a reduction
of the tax of tobacco dealers, manufacture
ers. ETC., whose annual sales fall below S.
600 to $6 from the House rate, which was $12,
&
the operations of the act. There are also
similar reductions on the licenses of cigar
manufacturers.
The penalty for a violation of Section 4,
relating to adhesive stamps, is increased so
as to make the offense lnisdemeanor pun
ishable by fine Of $500 or Imprisonment
stamps Is also made misdemeanor punish
able by a fine of $50 or by Imprisonment for
six months. The paragraph authorizing pri-
Vate dies is stricken out. imprisonment is
also added as one of the penalties for fsSu-
ing or accepting unstamped documents. In
deed, this addition is made to almost all the
provisions for violating any portion of the
bill, the effect being to make the bill far
more stringent than it was as it came from
the House. The proviso attached to Section
IT, eXempting building and loan associa-
tions, was amended so as to read as fol-
lows: THAT stock and bonds issued by CO.
operative building, and loan associations ms
whose capital stock does not exceed $4,000
and building and loan associations which
make loans only to their members shall be
exempt from the tax herein provided"
PRESS MESSAGES TAXED.
The provision in Section II relating to
telegraph messages. which the House bill
exempted free, and press messages, is
amended so as to include these by making
the provision apply to all messages.
The penalty for making, selling or remov-
ing for consumption or SALE drugs, medi-
cines, preparations, ETC., contrary to the
ne I1,Ia 3u;,,
stamp, is increased from a fine of 500
to a fine of $500 or Imprisonment for six
months. The penalties for all violations of
Schedule are made much more strict
The bill is also so amended as to provide
for tax on prescriptions
Inc commissioner of internal revenue is
given authority to procure stamps from pri-
cannot be supplied by the Bureau of Print
ing and Engraving.
The changes made in Schedule A relating
to stamp taxes Indicate that the committee
devoted very careful attention to it, and,
as consequence, almost every line is
changed.
After the first paragraph OF this schedule
the following is inserted as a proviso
IT 1at in case Of sale where the evidence Of
transfer is shown only by the books of the
such books; and where the change of own
erihtp is by transfer certificate the stamp
shall be, placed upon the certificate; and in
ca ses where the transfer is by delivery of
the certificate, assigned in blank, there shall
be made and delivered by the seller to the
buyer a bill or memorandum of such SALE
to Which the stamp shall be affixed; and
every bill or memorandum of sale men
toned shall bear the date thereof, the name
of the seller, the amount of the sale and
the matter or thing to which it refers
ANY person or persons violating or seeking
to eVade this provision shall, upon convic-
than $1,000, or be imprisoned not more than
six months, or both.
Upon each sale, contract, agreement or
other evidence of a sale of any products
or merchandise at any exchange or board of
trade, either for present or future delivery
for each 500 in value of said sale. i cent
and for each additional 800 or fractional
part thereof in excess of $100 / cent"
proviso is added requiring stamps to the
necessary amount to be affixed to the bill
memorandum other evidence of sale
The penalty is the same as the previous
proviso.
NO BANK CHECKS EXEMPTED.
The House exemption of bank checks un-
der $40 is stricken out leaving all checks,
drafts, etc, subject to the stamp of cents
The rate domestic bills of exchange of
less than 500 is reduced to cents and
cents is added to this rate for each addi-
tional 500. This provision is made APP
plicable to postofflce money orders. The
rate on foreign bills of exchange is made
double the rate levied on domestic exchange.
A uniform rate of l cent is required on
all bills of lading, manifests, receipts ETC.
for packages issued by railroad, steamboat
express companies, etc. A tax of / cent is
also imposed upon conversations over tele-
phone lines where the charge exceeds Is
cents The rate on indemnifying bonds is
increased from % cents to 80 cents.