The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-12
THE NEW PLAN q
AND, THE I. i OLD J, D ONE Q L;
Points Of Difference Between
the TWo5NOted.
LARGE INCREASE FROM
RAILROAD TAXATION
Registration Fees are a New Source Of
lncome-LittIe Gain from Liquor
a Licenses Seems likely Under a
New Law-Large Sum to Be
Derived from Franchise
Tax on Corporations.

50 4 i
Derived from Franchise
Tax on Corporations.
$a Now that the general tax or revenue
bill has been passed by both houses
there Is great deal Of interest and
speculation as to what amount Of rev.
cnuc tho new tax Will Yield, and es-
4pecially what increase or decrease will
bc shown compared with the old plan.
Tho new Constitution made nearly all
3 tho changes In the statutes that have
bcen enb bodied 4 IN tho bill necessary
The convention incorporated IN tho or
ganic law Of the State provision reducing
the tax on realty and personally from
thirty cents on the hundred dollars to
y twenty cents. but provided that an ad-
dldonal tax OF five cents on tho hundred
dollars might be imposed for pensions.
In addition to these sources Of revenue
a school tax OF ten cents on the hundred
dollars OF value was ermItted. Other
changes made necessary by tho pro-
visions of tho Constitution added revenue
Ito substitute the reduction Of the amount
derivable from realty and per sonalty,
and there are som, thar reductions on
some subjects Of ia "a tion. :s
aims and Losses.
The general tax bill is a volumnous
Fl document, bmtEone OF the best authorities
on State finances In the Commonwealth
yesterday went through, tho bill with q.
reporter for the T;mch- Dispatch and
pointed out the points OF difference be-
tween the new plan and the old plan OF
taxation and the gains and losses OF
revenue on various classes Of taxable
subjects. stating the reduction or IN
q crease where there is either. After de-
Quoting the losses from the gains there
remains an apparent net gain III revenue
OF about s150.Ot0 annually. Q Ofcourse. this
showing Is merely tentative and approx
innate, for no one ca N foresee with ex-
actness the results Of the chang in the
tax plan. E5
@ In tho amount OF fErevenue derivabe
from the captation or poll-tax there
will be a considerable loss compared with
last years figures, owing to the provls-
ions OF tho Constitution on this subject
OF the revenue from poll-tnx about %
PER cent. OF the amount assessed goes
h 10 schools hey VIII su ffer In q a few
years from tho gradually decreasing
amount OF revenue from capitation taxes
Revenue CurtaiIed.
Tho Constitutional Convention reduced
the rate OF taxation on real and per-
sonal property from thirty to twenty
cents on tho hundred dollars. but the
General Assembly has partially supple
mentcd that loss by adding tax Of
f1vc cents on the hundred dollars for
pensions. Then ten cents tax Is imposed
for the support Of the public schools.
4 thus making tho total from these sources
thirty-nve cents on the hundred dollars
OF valuo instead OF forty cents, loss
or decrease compared with the old plan
OF five cents Oh the hundred dollars
This will make difference of about
sc50,O0o, curtaillng the revenue by that
amount.
Another change made by the bill Is
in the plan OF taxing banks From the
aggregate market value Of the stock
the value Of the realty. which Is now
taxed separately, must be deducted. This
will make little changes In tho reve-
nue. derlvable therefrom. however.
f8 Tho property OF trust and security
companies is taxed under the now plan
lust as that OF banks. This change will
make a small increase In the revenue
from this source. 1t Is provided that
I the aggregate market value Of trust and
security company property shall not be
less than the capital stock, surplus and
undivided profits Z
Tax on Railroads.
Railroads undcr the new plan are
taxed ono per cent. OF the gross re-
ceinta, and in addition to this. nro
taxed on their tangible property as here
tofore. Under the old law they were
taxed one per cent. on their not re-,
ceipts. Tho change will yield tho State
an increase in revenue from this source
Of $3.50. 900 or more. VA.
Telephone coml4anies We're formerly,
taxed on their transmitters, Now they
must pay one per cent. OH tho recelpts
and on their mileage Of poles and wires
when the receiptsado not exceed $50 900
and their mileage does not exceed 800.
X If the gross receipts Of a telephone com.
pany are in excess Of $50, 900 and the
mileage exceeds 300, an additional tax OF
two per, cent. on the excess must be
paid. A loss OF about $4,000 annually
in the revenues rom telephone companies
Is anticipated.
Charter fees on Industrial corporations
are very much reduced under the new
plan. and a loss Of about $4,000 on this
source of revenue Is expected,
Registration Fees s
Registration fees are a new source
OF revenue, but much OF the income de-
rived from this source Will so to meet
sion, These fees will yield about $l5O0l
over and above the expenses sf the COM
( mission. q net gain In revenues OF that
amount Al
The annual franchise tax on corpora
ttons Will yield about $150,000. This lis u