New-York tribune., 1901-02-10
LESS TAX ON INSURANCE.
MEASURE CHANGED so AS To RAISE
$4,000 INSTEAD OF S3,75O,OOO.

Albany. Feb. (speciaD.-Governor oders state
ment in Syracuse last night that there had been
a great hue and cry when the insurance companies
were asked to bear their share of taxation. hut
that by a compromise the insurance companies
had been brought into line and that now they
willing 10 assume their portion of the State
taxation. led to inquiry by the members OF the
Legislature to-day as TO the nature Of this COM
promise and they learned that one had been made.
The compromise provides for the taxation merely
of the premiums received by either the State or
foreign insurance companies for business done
by them in this State. Under the bill which Is
abandoned II estimated that S.7500oo would be
put in the State Treasury. The compromise meas
ure Is intended TO raise only ss0oo9 This Is big
shrnkage in the receipts expected from this tax.
but IL Is believed that there never was any
serious intention Of passing the first bill presented
Tor the taxation of the insurance companies.
III was merely put up as a target" said prom
inent Republican to-day, 'and. having drawn the
fire OF the insurance companies, is Withdrawn
The abandoned bill certainly did draw vast
amount OF distinctive criticism from the officers and
Wednesday last and 1t difficult how IT
could pass the Legislature in that form. Those
who spoke for the insurance companies said that
in some States a upon premiums levied
and admitted that they did not regard this
grievous tax. whereas they declared the I'm
posed by the bill was of a crushing nature. Under
the compromise a tax of per cent It was stated
on good authority to-day, would be levied upon
this State. whether such companies were those of
this State or foreign ones.
The compromise measure also III provide that
the annual reports of the insurance companies
which will guide the State authorities in imposing
the tax shall be made upon December 81. and not
upon June 60. the present bill provides. The
representatives OF the companies pointed
out at tha hearing Wednesday last that II was
unjust TO compel them to make annual
ports-one as of June 30 and the other OF De-
cember 81 The compromise bill therefore will not
change the present provision OF law which requires
the insurance companies reports be OF De-
cember 81. The bill Is not yet framed. however,
and although IL Is believed the insurance COM
panes will adopt IT. no positive prediction upon
their probable action can he made until IT Is pub
lished
Governor Odell returned here to-day from Syra-
cuse. II is clear that ne would have accepted
would interfere with his plans TO take long step
toward substituting indirect for direct taxation.
The increase OF State valuations the present year
will make good at least Soooco OF the loss suffered
by decreasing the taxation Of the insurance COM
panes as first proposed. and the reduction of the
State appropra lions now relentlessly IN progress
up the gap.
IL Is thought that the trust companies will
but the State and National banks intend TO make
a most strenuous opposition 10 any further In
already Overburdened. The savings banks probably
would not resist further the taxation of their
securities az their par value IL taxed at their
market value. however. these securities would
committees on Taxation and Retrenchment Of the
Legislature have shown no disposition to tax the
mains 10 b.. considered the bill taxing corpora
tiOns OF all kinds. domestic and foreign. which ~ Is
No action has yet been taken upon his bill by the
Legislature