The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1899-10-11
TAX ACCOUNTS INCREASED.
A Gratifying Showing Made by state
Comptrollcr William J. Morgan.

A Gratifying showing Made by State
Comptroller william j. Morgan.
ALBANY, Oct l0.-State Comptroller
William j. Morgan has just balanced
the tax accounts for the fiscal year
ended Sept. so. 1899. The showing is
very gratifying one The total tax col
lected from corporations in 1899 is
greater than in any other year since
the corporation tax laws We're enacted
and the receipts from the transfer or
inheritance tax are greater than in
any preceding year. with the single ex-
ception of the year 1898, when the total
reached SS071,6S1 OF this latter amount
however four estates paid into the
treasury N,O56,1SI
During the tax year just closed 9SS
companies were added to the list OF tax
paying corporations The net Increase
for the year, however. was only Az. as
54l corporations that had previously
paid taxes had either been declared eX-
empt by the courts or had gone out of
business There is 4 steady Increase
in the number of corporations coming
within the purview of the corporation
tax laws.
Comptroller Morgan. in addition to
giving close attention to tax matters
In this state, has extended his observa-
tlons elsewhere and has collected some
very interesting data. During the past
year the number of corporations or
ganized in this state and in New Jer-
sey, with the amount of organization
tax collected, was as follows:
In New Jersey there were 1925 In
corporations organized, paying a tax
of S79S.00O, while in New York there
were 1889 interpretations organized
paying only A74,00O tax. giving New
Jersey an excess in taxes of S25i000.
The feature of this exhibit whicr
should arrest the attention of the peo-
pie of this state is that while the num-
Der Of corporations organized in the
two states Is nearly the same and the
tax rate vastly higher in this state, be-
ing one-eighth Of one per cent in New
York, to one-fiftieth of one per cent in
New Jersey. the amount of tax col
lected in New Jersey is one and one
half times greater than here. This
shows that the small corporations
sought organization in this state, while
| the wealthy ones went to New Jersey
At the rates charged for organization
in the two states, the amount of tax
collected indicates that about $4,000,
900. 900 of capital sought organization in
New Jersey to about $3.50, 100000 in this
| state.
Comptroller Morgan is of the opinion
that about so per cent of the $S0OO,-
0O0, 900 Incorporated in New Jersey last
year was New York money. He is also
of the opinion that If the bill intro
duced in our legislature last winter hac
passed, reducing the rate Of the organ
ization tax to the figures charged in
| New Jersey, a large proportion of this
immense ar1ount of new capital would
have been organized in this state, where
it Is employed in business. BY charg-
ing a low rate for organization New
Jersey not only collected more money
for organization than this states does
but II also brings the immense amount
of capital incorporated within reacl
Of its annual tax of one-tenth of on'
per cent
The receipts from the transfer q
inheritance tax, during the past thre,
years were as follows: Fiscal year end.
ed Sept. 30, 1899, 81 94,612.2i; fiscal year
ended Sept 30, 1898, S1,997 ,2l02i fisca
The increase in 1899 over 1898 was Sl97,
4O2, and over 1897, 1864, ,67O4l.