The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-02-15
The EX[MpT TON
OF INCOMES
The Work of the Joint Fin.
anCe Committee Last
Night.

Night.
The joint finance committee met again
last afternoon and resumed consideration
of schedule A of the Revenue Bill. The
committee began with section tax on
corporate bonds" which was adopted as
was sections 7 and 8, TAX on Munich
pal loans" and Residence of holder of
evidence of debt" respectively.
Section 10, Reports of Corporations,
requires the President or Treasurer OF all
corDorations in the State TO certify to
the State auditor Ia the capital stock,
(2) authorized number of shares, ~
number shares issued, (4) par value per
share, Co amount paid on each share, C6)
amount CT capital stock paid I'D, "a
amount of capital on which dividend was
declared 81 date on which dividend was
declared during the year, 60 date per
centum of each dividend. C0) amount OF
each dividend, I'D gross earning for the
year. Q2l net earning for the year, QS)
surplus. (14) profit added to sinking fund,
n5) highest price of sales of stock be-
tween June l to 10, q6) highest price OF
STOCK uuTIUS TIC yCdls VIZ oFSAOoS PAiNN
of sales of stock during the year. This
information is so that the State Auditor
and Treasurer, if not satisfied with the
appraisement and valuation returned, are
authorized to make valuation based on
the information in the above report, and
from this there IS no right of appeal.
Section II. says property in North Caro-
lima of foreign corporations is not ex-
empted
Section IL directs the State Auditor ia
make a certificate to the Register Of
Deeds of a list of such stockholders.
Section 10 says that the corporation
taxes are payable to the State Treasurer
Section IA provides for a penalty by ad-
ding ten percentum to the tax of a cor
poration fang to give the required in
formation.
Senator Long said that it was not SC
intended but the suggestion had been
made that one of these sections might
be construed as a double tax. the cor
poration and the individual both paying.
Mr. Willard said the aim was to have
all mans property appear on the tax
list and then for the list taker to do the
deducting But there was certainly no
double tax However, these sections, IL
TO 13 inclusive. were referred to sub
committee of Messrs. Graham, Gattis and
London for investigation
Section II, regarding municipal cor
poration makes no change from the pres
ent law and was adopted.
The inheritance tax, section Is, was
discussed. All estates under $4,000 are
exempt, and the tax is graduated accord
81 OH va
50 O0O) and according to the kinship OF
the devisee to the deced6nt. There is no
tax on property left to husband or wife.
or wife to husband. No others are ex-
emnt. but the tax is very small on be-
quests tc children, brother sister, father
or mother. On a legacy of over 81 ,000
10 a brother or sister Is cents on 500 is
collected AS the degree of kinship de-
creases the tax increases rising to $l.50
$500. :4O0 and $500, on the 800. in the
latter case the recipient being no blood
kin. Legacies of over $4,000 are taxed
more.
Mr.. Ross moved to put child on a par
with wife or husband The motion was
lost.
Senator London moved to strike out
husband" saying an estate inherited
from a wife should be taxed. This was
voted down.
Mr. Willard discussed the justice of the
tax. saving it was imposed in 2-3 OF the
states and is really an equalizing tax
The State gives the right to inherit ant
can tax that.
Judge Graham wanted time to look into
the matter so that action was deferred
on this feature of the bill Sections 16 tc
81 merely prescribe the machinery fol
collecting this tax.
THE Income tax section 81, occa-
stoned discussion. The bill only exempt
cd incomes of $500 or less.
Mr.. owen of Tyrrell, moved the ex-
emption be 81 goo, as it is now.
Mr.. Page opposed this and thought i
should be even less than $500; the So
exemption for HOUSEHOLD and kitchen fur
niturc generally covered about $500 il
reality.
Mr.. Ovens motion was defeated by {
vote Of 10 to s. and he gave notice thai
he would renew it on the floor of the
House A motion to make the exemption
$500 was lost
Mr.. Willard moved to increase the eX-
emption to $500 aud this prevailed by {
vote &C 20 s.
The last two sections providing thu
questions to be answered relative to in
come and the tax on them were discussed
but action was postponed.