The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1901-01-11
CORPORATIONS.
What Jersey Makes Out Of
the Companies Char
tered Here.
THERE'S MILLIONS TN TT
State Board of Assessors
Makes It's Report to the
legislature.
THERE'S MILLIONS TN IT
Especial to '.The Jersey city News. !"

Especial to 'The Jersey CITY News.
TRENTON, Jan. II, 1s01.-The State
Board of Assessors informs the Legisla-
ture, in the Boards annual report, just
submitted, that 6o65 corporations organ
:zed under the laws of the State of New
Jersey paid into the treasury during the
last year the sum of $2,05l,209.
The corporation tax rate in this State is
one-tenth of 1 per cent. on the paid in
Capital stock of the corporation, or 81 tax
for every $1,000 capital paid in There
fore the 6,065 corporations must have paid
tax upon s2O51, 600 paid up capital
stock
The State Corporation Department lib
orally estimates that the 6,065 corpora
lions assessed have a paid up capital
stock of 20 per cent. of the authorized
capital stock. If the tax of s2,0o1 ,209, which
represents $2,051 ,209,0OO paid in capital, is
but 20 per cent. of the authorized capital
stock of the 6,065 Jersey corporations as
sessed then the authorized capital stock
must be five time $2.051, ,000 or the sum
of $40, ,256,0 600.
The increase in the number of the mis-
cellaneous corporation assessed during the
year over that of 1899, the report says, is
1,1S6, although In reality 1907 new COM
panies were added to the list of 1900. The
difference of GIL companies represents
those whose charters were forfeited by
the proclamation of Governor VOORHEES, in
May last, for non-payment of tax. Con-
tinuing, the report says:-sTThis continued
y growth is most gratifying and bears elo-
Quent testimony to the favor with which
the laws Of this State are viewed by per-
sons desiring to invest their capaltal in
corporate enterprises
The Board congratulates the State on
h5lding on to its business, 'snotwithstand-
ing the attempts of some of the ether
commonwealths of the country to attract
capital by enacting statutes granting
greater exemptions and more liberal in
corporation terms, as well as exacting
iass annual tax than our own. Our laws
are still held in the highest esteem by
iecorp0rators desiring charters which are
rad enough to meet almost any require
saeat and over which the State still ex-
s er isas not nominal but an actual SUI
FefVlsien, in consequence of which other
tates, as well as foreign countries, ex-
tad a welcome to our corporations when
~ come within their borders
From these interpretations the State
Treasurer has collected on account of
franchise tax for the year 1900 the sum
of 81, 3s2,4 20. In addition to this sum
the State Treasurer has also received for
taxes of previous years s102, ,27441, and
through the Secretary of State in account
of interpretations and reinstatement fees
the further sum of $685., ,650.62, making the
total amount received during the fiscal
year, from miscellaneous corporations on
account of incorporation fees and fran
chise tax, the sum of 81, 1884, ,670.32
The report goes oil to say: TT has al
ways been the custom of the board to ex-
act from all corporations, whether min
ing, manufacturing or otherwise a re-
turn statement among other things, CIV
iLg the amount of capital stock au-
thorized by the certificate of incorpora-
tion, the amount of capital stock issued
and outstanding, and the business carried
on by the corporation.
If it appeared from the return that the
corporation was actually engaged in
manufacturing or mining and had so per
cent. of its issued capital stock invested
within the State, the exemption allowed
by the statute was granted to the cor
porati6n. In the absence of such return,
the board, being without any information
whatsoever, taxed the corporation upon
the full amount of capital stock author
lied by it's certificate of Incorporation.
IF the corporation then felt itself ag-
grieyed, it could appeal to the Board, and
II upon such appeal it was proven that
the corporation was entitled to the ex-
emplicn aforesaid, the exemption was
granted Under the act Of April 5, 1897,
however, the time for making these APP
peals was limited to three months from
the levying of the assessment
The Supreme Court has repeatedly set
aside the Assessors levy upon the entire
capital stock authorized, when the COM
pany failed to make it's return, and for
that reason the Assessors urge upon the
Legislature the enactment of law ena-
bling the board to control all New Jersey
corporations to the extent Of forcing each
corporation to make annual returns show
ing the business done. the character of
the business and the location of the
plant, together with the amount of the
authorized capital stock issued.
It is expected that the lawmakers will
act favorably upon the Assessors recon-
mendation.