Daily Kennebec journal., 1901-11-09
STATE HOUSE.
franchise r lax on Corporations
Committed to State Treasurer.
meetings Of State Board and Local
Assessors Very Profitable.
""l'' general Richards Will Resign as Adiu.
tSnt General in December

'tale assessors have committed
- 'He treasurer OF State the first an
'"et franchise tax on corporations in
'"'t'li'Hce with the provisions of Sec
'4'hs ana ct Chapter 30 OF the Pub
- "s OF iSoi. The law provides that
-'ic TAX ne assessed much earlier i'm the
'e'l IMAM this; but the labor OF pre-
pSiihS the list. arranging the details
''i"t snail govern this work in the fu
lure. and the wedding out of defurc,
ana ihsolNent companies has occrnied
| >" much time that the assessors were
Unable to make the assessment ,ptu
me present week. The whole am,u,t
~ the tax assessed is S41 Nh Moro
tAan 3Oc0 companies have been taxed
III at tcordanCc with the following law.
Every corporation Incorporated un-
Ger the laws of this State. excepting
religious. charita bic. educational and
tx neN"ient corporations. and excepting
such corporations as may be organized
un"er Chapter - of the Revised Stat
utcs. and such corporations as are liza
ttc I" a franchise tax under some other
law of this State. and such corpura-
t!onS as nave been or may hereafter be
- used iE"ia filing annual returns un-
ger Ill" provisions OF Section 10 of
'haplcr 10 of the Revised Statutes. SO
long as its franchises remain unused.
Shali. ON or before the first day Of
Junc. annually. file in the Office OF sec
leuily of State. n return signed by its
president or treasurer. Verified under.
oith. containing the names of its di-
leriors. pres ident. treasurer and clerk.
with the residence Of each. the location
Of its principal Office in this State, and
TIE amount of its authorized capital
stock. and for this purpose the secre-
tary Of State shall furnish blanks in
proper form and safely keep in his
office all such returns. Every corpora
ton failing to comply with the PRO-
visions Of this section shall forfeit to
the state 5000 to be recovered with
COSTS. in an action Of debt to be pros
"cuted in the name Of the State by the
attorney general.
Every corporation incorporated un-
Ger the laws of this State. except such
as are excepted by Section l of this
act. shall pay an annual franchise tax
Of >. provided the authorized capital
Of ia corporation does not exceed So
ooo: ut $40. provided said authorized
capital stock exceeds $4,000 and does
not exceed 100000; Of SO. pro
Vided said authorized capital ex-
cceGs S200.0 600 and does not exceed
$500, 900; of $40. provided said author
;zed capital exceeds $500 600 and does
not exceed 81 600 900. and the further
sum of $25 per annum per 81 000.0G0. or
any part thereof. in excess of 81 .000 00o.
Public Laws of 1901. Oh. 229. Sec. 81
The amount assessed against each
company varies from s. to S215. the lat
ter sum being assessed against com
ran.es having a capital of so. .000 600.
There are five companies having cap
ital stock of this amount. They are the
Deer Creek Mining and Milling Co.
Bingham Consolidated Mining and
Smelling 90. Consolidated Ice Co.
chapman Double Bail Rearing Go. and
the Galsteo Co. This is a mining cor
poIation. There are also several 5000
0GJ companies. each of them being as
Sessed Sl1o and there are numerous
companies with capital stock OF 81
600. eco Corporations with capital Of
$50, 0G0 or less must pay s.
state Treasurer oramandal Smith
~ili now take steps to collect the
amount committed to him as soon as
possible.