New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-16
PART III.
FOUR PAGES.
THE TAXATION BILL.
FILL TEXT OF THE MEASURE RECON-
MENDED BY THE SPECIAL
COMMITTEE.

MENDED BY THE SPECIAL
COMMITTEE
Aibanv. Jan Ex-senator stranahan tonight
introduced in the Senate the bill carry out
+be commentators Of the Committee on Taxa
riou OF which he is chairman. The bill pro-
v,des for tax Of ! per cent on the value of all
shares Of stock in trust companies and banks.
and tax OF FIVE mills on mortgages
TEXT OF THE BILL
The full text Of the bill follows:
AN ACT 10 provide adequate revenue for the sup
port Of the State Government otherwise than
bv direct taxation OF the assessed valuations of
real and personal property. and for more
equitable distribution of the burdens of tax
alton
The People of the State Of NewYork, represented
il Senate and Assembly. do enact as follows:
ARTICLE l.
Section / Revenue for the use Of the State shall
be raised hereinafter provided from the follow
y shares OF stock OF banks banking associations
% Debts and obligations secured by mortgage of
Sec 2. Nothing in this sct shall be construed to
impair or affect in any manner any other sources
Sec 3 The revenue for the use Of the State from
the general fund OF the treasury
ARTICLE Il
SHARES OF BANKS. BANKING ASSOCIATIONS
AND TRUST COMPANIES.
Sec. 10 Save provided in this act, mOneyed
State shall De taxed annually by the authorities OF
re cry OF I9T N Th 4 sIeh ~ nqigdues Citizens
ne value thersoI. and no more. and the owner
d de5fs shall not Be allowed any deduction for
Sec: IL An annual L, tax FOR the use Of the state
OF stock o. all banks. banking associations and
led 70 do business Within this state and incorpo
T4Jeo ets rs avs or gnGeT the laws Of the
n he city OF Town where said banks, banking as
specffvey The actual value Of each share of stock
Of each bank. banking association and trust com
Board Of Tax Commissioners as Of the first Monday
tai and surplus sn o. 2iddng together the capt
IheTe1ror the assessed value Of the estate Of
as shown By. the last completed assessment roll
-a ~ oElolng me result by the number of
* US company No deduction shall be made for
Board Of Tax comzssioners shall ascertain the the
oF e. sgrplus andiyloed profits, assessed value
sources Of information they may deem best
70 time 70 require every such bank banking ssso
-asg!on ana trust company 70 furnish TO them such
enable them to ascertain and T neces
value 81 real est4a Snoiyded profits. assessed
80 80. tney shaH have power personally or bv ffIiv
ords books and papers Of all such banks bsn,Ss
Of fes+irs a-iC uust companies for the purpose
D5stS - shy written report or information fur
IN each year the STATE Board Of % o. Augst
srs snah make provisional estimate OF the capital
estate ana number Of issued shares as the same
~ h On me preceding first Monday Of July of ali
nc banks, banking associations and trust com
Panies aforesaid and shall mail copy Of su n esti
and trust companies VINO shall give notice +bersos
ssn5 coss enoaers respectively, by posting the
~ co1s 2lcnousy at their principal place OF bust
ness enc by mailing TO each shareholder whose
estimate has been posted. Said estimate shsT
No. Imam t3i a computation made in accordance
II shau De the duty OF the State Board OF Tax Com
ss 20 eonsiaeT any objections to such estf-
tio7 IN their office within days subsequent to
public hearing upon such OBJECTIONS on day TO be
hxe5 by them: and on before the first Monday
determine the gross amount of tax due from the
~ les OF Inc snares CT stock Of each bank, bank
M ke the same matter Of public record IN their
certified 10 the State Controller and to the State
Sec 10. It shall be the duty of each bank. bank
Ing 1 ASSOCIATION ana trust company aforesaid to col
mined from the several owners OF its shares Of
STOCK ana 70 pay the same TO the TREASURER of the
each year; and any bank, banking association or
trust company falling SO TO do, or failing in any
ether duty required by this act shall be personally
liable by way Of penalty. the State the gross
shares Of stock and for additional amount of
eco for every day Of delay Every bank banking
on or before the first Monday Of December in each
year the taxes due upon the shares Of its stock
shall have lien the shares Of stock and on all
property OF the several share owners in its hands
or which may at any time come into its hands for
reimbursement Of the taxes paid account Of
tbs several shareholders with legal interest; and
such lien may be enforced in any appropriate man
Sec Il The banks, banking associations and
trust companies aforesaid shall not he liable TO
taxation by counties, cities towns villages school
districts other local subdivisions Of this State
upon their real estate.
Sec. Is Except provided in this the owners
OF the shares of stock OF the banks, banking asso-
Citations and trust companies aforesaid shall be
liable 10 taxation for or in respect Of said shares
by the State by counties, cities towns villages,
schoOl districts other local subdivisions OF the
State
ARTICLE III.