The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-02-10
Leads all North Carolina DaiesinN Jews and CircGSsen

certifies 10 the officials of each county
the number of shares owned in il and
their value. and on this valuation the
holders of the stock must pay tax.
Another new departure in the new act
is the levy of a tax on Corporate Loans.
under which the treasurer OF each cor
pordtion, county or city having bonds out
standing is REQUIRED to collect and pay
to the State Treasurer the State tax on
the bonded Indebtedness of the corpora
| tino, in case such bonds are held by resi-
dents of the State. This is done by the
treasurer of each such CORPORATION, coun-
ty or city deducting from the interest on
the bonds when paid the amount Of the
State tax.
Building and loan associations are re-
qured to pay the same tax as formerly.
A new method of assessing corporations
is devised by requiring the treasurer OF
each corporation to make report to the
State Auditor giving certain informa-
| ton on which the value of the stock of
| the corporation may be ascertained. On
| this assessment, fixed by the State Audi
| tor. the corporation pays tax to the State
| Treasurer and shares of stock in such
corporation are exempt from further tax
| for State purposes, but as in the case of
| banks, the Auditor is required to certify
| back to the counties in which stock is
! held the number of shares. by whom
owned and the value per share. On this
valuation local taxes are to be paid
| An inheritance tax, similar to that now
| in force in Pennsylvania, is another new
| feature Of the bill. This section is in no
way similar to that contained in the
Revenue Act of 1897, being levied only on
personal property. All estates under ST.
eco are exempt, and the tax is graduated
according to the size of the legacy (above
| 50 ,000) and according to the kinship of
| the devises TO the decedent. For in
stance, there is no tax on property left
| to husband or wife. No others are ex
empt, but the tax is very small on be-
quests to children, brother, sister, father
| or mother
Quite change is made in the income
tax feature of the old law Every tax
payer is REQUIRED to state his entire in
come and from that amount the tax-lister
| is authorized to deduct all exemptions.
These exemptions are $500 and the in
come from property already taxed. This
| income tax is graduated as follows:
] per cent ON incomes of 500 to 1000
11a per cent on incomes of 81, 900 TO 1900
2 per cent on incomes of 1000 TO 5000
21a per cent on incomes of 5000 to 5000
3 per cent on incomes of 5000 to 10000
81 per cent on incomes of 10000 and over.
The theatre tax is slightly changed so
as to apply to smaller towns.
The horse dealer section is changed
as to low a tax of $3.50 on every com
pany OF gypsies living in tents or wagons
and trading Horses or telling fortunes.
| This latter part Of the section is intended
to be prohbitiye. driving this class of
people from the State
MerchantiIe agencis are required to
pay tax OF 5000 to the State Treasurer,
and no county, city or town can levy any
additional tax There was in the old
| law a tax on these agencies, but it was
defective in some way and hence no in
| come has ever been derived from it.
Dealers in futures are taxed $3.50 a
year for each county in which they have
an office.
On a brewery or the agent of brew
cry for bottling or distributing beer, $500
year
Slot machines with fixed return (such
as candy, chewing gum, cigarettes, music,
weighing or other devices) $3.50 each per
year; slot machines with uncertain return,
500 year.
The LIQUOR tax is: Dealers in five gall
Ions or less 800 each six months; five
gallons or more $200; malt liquors ex-
| clusively s25: druggists selling liquor, $50
| There is no tax for person selling wine
of his own manufacturer.
tax of 81 on each member is levied on
social clubs
A change has been made in the dis
pensary tax. They have heretofore been
taxed a specified amaunt. In the new
bill they are required to pay 70 per cent
| of the profits to the county and 25 per
| cent to the State.
lax is levied on pistol dealers, and
tax will be levied on either the dealer or
the manufacturer cigarettes-probably
the latter.
On dogs a tax of 81 each is levied, and
so cents on each additional dog owned by
the same person.
Instead of the Merchants Purchase Tax
a Merchants License. Tax on sales has
been adopted: On retailers, cents on
each 500; on wholesalers. 21s cents on
each $780,
A tax of SO much per mile of trackage is
levied on all railroads paying certain
amount. This tax is graduated and it is
| estimated that by it not less than $250
revenue will be raised.
On other similar corporations express
companies, electric lighting and power
companies gas companies, street rail-
ways, ferries, steamboat, canal and
bridge companies, telegraph and telephone
companies, bridge companies, per cent
on their gross receipts.
The nchiS Inv IN rltaIio norpnra tionc
remains the same.
There is no change in the tax on law
yers, doctors and dentists
A license tax of $500 year is levied on
tontine investment companies.
RECEPTION LAST MIGHT.