The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-05
THE GENERAL ASSEMBLY
STOCK TAXATION Bill REPORTED
By RETISION COMMITTEE.

Debate Yesterday Over Appointment I
Deputy Borough Judge of Waliing
ford-BiIl for Appointment of a Com
mtttee to Redistrict the State Into New
Congregational Districts - Tariffvili'
Extension Hearing Begun Before the
Railroad Committee.
A resolution appointing Walter d
Patton Of North Haven member of the
state board of agriculture was received
in the House yesterday, Mr.. Patton
having been nominated for the position
at the New Haven county members
convention held last week.
The proposed stock taxation bill
drawn up by the statute revision COM
mission two weeks ago was sent to the
House and Senate yesterday in amend
ed form. The bill as amended provides
that all officers of banks, national
banks, trust insurance, investment and
bridge companies whose stock is eX-
empt from taxation shall annually file
in October a statement Of the number
and distribution of their capital stock
and the market value Of the same. On
or before February /, each of said cor
poratlons shall pay to the state treas
urer tax Of per cent on the market
value of each share of it's stock, as such
value may be determined, less the
amount of taxes paid on real estate.
That during November, December
and January the state treasurer and
comptroller shall hear all matters show
ing the market value of the shares of
each company.
Before April Is in each year the treas
urer shall remit to the town treasurers
the amount of tax received as before
stated and on or before May the treas
urer shall distribute the tax among the
taxing districts that such taxing dis
| trlcts may receive the same amount Of
tax that 1t would have received had the
shares been listed in the name Of the
stockholders resident and taxed at the
valuation fixed by the board of equali-
cation. The tax derived from the shares
of any national banking association To-
Gated in this state, which were on the
first day of the preceding october own
ed by non-residents shall be paid over
to the treasurer of the town in which
such association Is.
Every official who shall fail to COM
ply with these provisions shall be fined
not more than $1,000 or imprisoned not
more than two years or both.
So much of the deposits of any saw
ings bank as was on April /, 1901. in
vested in capital stock of any other cor
poration be exempt from payment of
the tax
If the annual dividend hereafter be
paid by any Of the corporations men
toned in this act shall not equal the
average annual dividend paid by it for
the five years next preceding January
l, 1901, any charitable, ecclesiastical,
educational or benevolent association,
or society whose property is exempt
from taxation shall be entitled to de-
mand from the state treasurer such
sum not exceeding 1 per cent. on the
market value of the shares Of stock
held by it in aforesaid corporations as
may be required to intake the dividend
for the preceding year equal to the av-
erage annual dividend paid by such
corporation for the five years next pre-
ceding the first day of January, 1901
The payments shall cease on March 81,
1908 and until then shall be made only
from the taxes paid to the treasurer
by the respective corporations taxable |
under this act.
Stockholders Of aforesaid corporations
shall be exempt from taxation upon |
their shares of stock
This important move by the revision
commission changes the original bill |
only by cutting down the tax from Is |
mills to / per cent, and adding the
clause concerning ecclesiastical socie-
ties, etc.
The bill was, referred to the finance
In brief, the report accompanying the
Dill says under the present methods of
taxation certain corporations have adj
vantages over the individual in the pur-
chase of corporate stocks which are tax
ed by the accompanying report. These
stocks escape their just burden of the
taxation. For example, more than 60
per cent. of the stock of Hartford banks
Is already held by corporations that pay
no taxes at all.
Moreover the varying rates of taxa
ton in the several communities render
market value OF such stock very I'M
equal and in certain communities make
t impracticable for individuals to hold
such stocks.
The commission has held largely at
ended hearings and after careful con-
;ideration of the views of state, munich
oal and corporate officers and indlvidu-
lis has prepared this bill The commits
sion believes that this bill will bring
corporate stocks to the value of many
Millions into the tax list, which are now
practically exempt; will place individ-
lals on an equality with corporations in
he purchase of stock; will make the
assessments and rates of taxation uni
orm; will remove the uncertainty re-
ating to real estate exemptions and
'rovide a simple method for the col
ection of taxes and the disbursement
hereof in the taxing districts entitled
hereto
The bill establishing the Norwich hos
ital for the insane was rejected In the
House. Mr.. Chandler said that the bill
alls for an homeopathic hospital and
he committee was against establishing
ny hospital for the homeopathic, allo-
atfic or Christian science branches of
reatment.
The hill asking Connecticut conprass |