The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-02-03
A TAX ON CORPORATIONS
Personal Property That Has Been Es-
Gaping Taxation.
INCREASE IN TAX ON LIQUOR DEALERS
Il is Proposed to Have State Tax Commission
and Paid Official in Each County
to Look After Its Tax
Business.


the work of formulating Revenue Act.
are hard al work on that measure and
rapidly putting it into shape Much how
ever still remains to be done and it
viii probably be the last of this week be-
fore the bill will be submitted to the
full committee.
When completed the Revenue and Ma
chinery Act will contain many new fea-
lures. There will be number of new
subjects of taxation and in many in
stances the amount of tax levied Oh op-
jccts already taxed will be increased. The
Plincipal change, however will be that
made in the method OF collecting the
tax.
These changes we're rendered neces-
scly by the fact that the experience OF
the past two years has demonstrated most
Exclusively that the revenue collected
uLder the present law Is inadequate 10
~ ct the needs of the State.
The special efIors OF the committee III
formulating the new bin has been TO de-
vi4e means by which personal property
may be reached more generally and more
ocnplctely than at present.
20 do this the provisions of the Willard
tax bill, introduced early in the session.
viii probably be adopted-with some
slight modification This bill constitutes
the Corporation Commission State
- ard Of Assessment and provides that
in each county there shall be a salaried
ofacer whose business it shall be TO
attend TO the listing of property and the
assessment of taxes.
4br l.x-4 I,n tna ~ II
der some such arrangement q more uni
fern assessment of real estate may be
secured and much personal property that
has heretofore escaped taxation may be
pul OH he tax books.
Another new feature of the bill is a
e. aduated franchise lax on corporations.
Just What this tax will be. and on what
aiaount of capital stock levied has not
yet been determined.
Also there will be a section in the
lii by which stock in all corporations
win be put on the same tax footing as
b. ak stock; that is 10 say, the secretary
Of the corporation will certify 10 the
state Auditor the amount of its capital
stock. number of shares issded, per value,
ar by whom held The Auditor will GER
rify this back to the counties in which the
stack is owned. and by this means every
share owned in the State will be taxed
Under the former Revenue Acts a very
large per cent OF this class of property
III escaped taxation.
There will be some change in the tax
on banks, but just exactly what it will
be has not yet been determined
The provisions of the act in regard TO
Tie assessment and taxation of railroad
pr 1perty have NOT yet been drawn, but
viii be considered at a meeting of the
subcommittee 20 be held Tuesday night.
THIS part Of the Bill was delayed by the
i ent compromise Of the railroad TAXA
tiCn eases. the committee did not wish
10 take up the subject until the Cover
ncrs message touching it was before the
L. gislature.
But for this compromise, said a rlenl-
btr of the subcommittee yesterday,
there would have been another assess
M mt of real estate-includng railroad
property--in 1901 and an effort made
thereby TO get all property assessed on
a more uniform and an equal basis. The
Governor, however recommends no new
assessment of railroad property until 1903,
ard hence no new assessment of private
property will be made till them
The liquor tax will be increased. as
Viii also some other privilege taxes of
this class.
The tax on theatres, shows and the like
VIII remain the same as at present.
A provision has been adopted by the
subcommittee levying a tax of 81 on each
dc owned by a tax payer and so cents on
each additional dog. strong effort is
being made by some members TO have
tn committee strike this out before the
hi goes to the House.