New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-26
day for the Dewey celebration $1,000 Is 10 oe
reserved to pay the expenses Of the Legislature
FILL IMPORT OF THE BILL.
AN IMPORTANT INNOVATION IN TAXATION
PRACTICE.

PRACTICE.
Albany Nav q (SpeciaD.--willam J. weaver
who has been an eassessor OF Albany TOT '"en'S
a.. vsars and who is regarded as the leading
authority on matters OF taxation In TINS Vlci'l,y'
looked over the Franchise Tax act passed oy 'he
legislatures tonight and when asked 70 contrast
Il with existing taxation laws replied;
.srhe hill is a very elaborate one, but likely con-
.ains nothing new except that II authorizes lne
taxation of franchises. which Is an important III
novation IN taxation practice Further uepINeS
locsl assessors Of the authority to value the iran
htses "a he taxed and gives this authority 10 the
state Tax Commissioners. Again. these state AK
commissioners are to obtain Information TO guiue
them in appraising the value OF the lra"c''Se
from, the corporation affected ana from tue "0e'
assessors. The corporations are TO make yearly
renor,s 70 the State Tax Commissioners to gu'oe
them In forming their judgment The local asses,
sors being acquainted with local conditions WIZ
he aba 10 give valuable information regarding the
value OF franchise. 49, u.
Mr. Weaver then glanced at the first section Oh
the new act and said II see that the new ao'
.,vs the State Tax Commissioners shall include as
real estate the value Of all franchises i'en''
permission TO construct. maintain or operate tne
same In under above. on or through streets msh-
WAYS or public places That is new law II 'a"es
the franchises. We have no such provision !" -
fsting taxation laws. II steam rairoau mas ~
purchased the right OF way for instance IN city
property, however. is not franchlse uhuei '''''
Law" Ia
"Tbe new act also repeats its commands saiu
Mr. Weaver Thus IT states further along IN us
Are, section that the term real estate shall incluue
The value OF all franchises. rights. authority VI
permission to construct. maintain operate, H.
under above upon or through any streets hsh-
WAYS or public places. any mains. pipes TANKS
oonduits or wires with their appurtenances' TOT
conducting water steam. heat. light. power gas
IN mr. other substance. electricity for teie-
sraphic telephone or other purposes
Mr. Weaver thought that the provision dehhihs
. s,eciaI franchise would somewhat aid the state
TAX Commissioners In their hard task or lear"ihs
,he value of franchises. This provision reads as
tollous and is an entirely new provision oil law
franchise right authority or permission specl.
sad In This subdivision shall for the purpose OF
tavation be known special tranCnlsSS. ~
.ne"isI franchise shall be deemed 10 include the
Velue Of the tangible properly 90 top aitnated in
nSrtnershp association or corporation @
mon undsr or above any street. highway puoiIc
place or public waters In connectlon WIZ ,ncuded
rial franchise. The tangible propeltE ~ ncbJee
shall he taxed IS a part OF the speclal H6hViIIe
No nroperty 81 a municipal corporation S""" "0
subject TO the special franchise tax
Mr. Weaver then pointed out that Sections ~ a.
a a. 4s and AZ Of the act entirely provisions
NJ the taxation laws They provide, he said
"the machinery OF the act. They state that the
State Tax Commissioners shall annually hN ana
determine the valuation OF each special hanchlSe
subject to assessment in each city, town Nldse OF
tax district and then 70 on 70 preScII Ot u".ie
that corporations shall make reports TO them, that
there shall be hearings special FRANCHISE assess
ments that there shall be deductions LOT certai ~
reasons and lastly that the assessment rolis shdi
he prepared in certain way so as 10 lncluue THESE
franchise tax assessments.