The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-03-22
THE CHANGES IN
THE REVENUE ACT
Only One Question to Answer
About Income.
NEW TAXES ON LIQUOR
No More Tax on Auc,ioneers, Social Clubs,
Lumbar Dealers, Wood Dealers--New
Tax on Telegraph and Express
Companies.

There are comparatively few import
ant changes in the new Revenue Act as
it finally passed both houses of the Gen
eral Assembly.
For one thing. the new law is not quite
so long as the law of 1901, containing
only 92 sections as against LOG. Several
sections have been transferred to the
Machinery act, important among these
being the section on Bank Taxation, Tax
ON Building and Loan Associations,
Reports from Corporations, No Exemp-
tions as to Foreign Corporations.
slight change comes in section ) of
the new law, which was section II of
the old law, Tax Exemptions Repealed.
The section excepts from taxation prop
erty belonging to the State, to munich
pal corporations, and property held for
the benefit of churches, religious socie
ties, charitable. educational literary or
benevolent institutions or orders, and
also cemeteries: Provided that no prop
erty whatever held or used for invest
ment speculation or rent shall be ex
empt. So far the sections are identical.
But now there is added to the proviso
the following: unless said rent shall
be used exclusively for charitable or be-
novolent purposes or the interest upon
the bonded indebtedness of said relig
ious. charitable or benevolent institu-
ton
The next change comes in the Inheri-
tance Tax, in the first subsection of sec
ton 6, which was section IL of the old
law. 1t is now provided that a person
who is q lineal ancestor, brother or Sis
ter of the deceased, or where the person
to whom property Is bcqueathed stood
in the relation of child to the testator,
the rate shall be 70 cents on every hun
dred dollars. This clause shall apply to
all cases where the taxes have not been
paid by the executor The clerk of the
Superior court shall determine whether
any person to whom property is be-
qucthed stands in the relation of child
to the docedCnt.
The other sub-sections graduating the
Inheritance tax up to $500 on the hun
dred. according to remoteness of kin, re
main the same as in the old act.
INCOME TAX QUESTIONS.
Then the income tax is reached. The
five questions asked by the tax lister un-
place of section twenty eight and TWEEN
ty-nine of the old law are found the fol-
lowing in the new law:
Sec %. Tax payer to show his in
come on list The tax payer shall list
his income for the year ending June list
from any and all sources in excess Of
81 600.
Sec. % What question blank shall
a blank
for listing taxes shall contain the fol-
lowing questions:
Was your gross income from salaries,
fee trade. profession and property not
taxed. any or all of them, for the year
ending June LIST. in excess of $1,000? II
so. what was that excess?
The rate of income tax remains the
samc-one per cent on the excess over
$l,oOO.
SCHEDULE b.
This brings us to schedule B, Special
taxes.
The tax on theatres remains the same.
5000 IN towns Of more than 10000 800
In towns of between 5000 and 10000. $50
in towns between 5000 and 25o9, $500 in
towns between $500 and 1000, $1,000 in
towns of less than 1000
Travelling theatrical companies giving
exhibitions in any place not payng the
regular tax, $40 on each exhibition and
the owners of the hall or tent are re-
sponsible for the tax.
The change here from the old act is
i'm the including of tents or other places,
thereby fixing the tax upon eircuses aud
out door shows that escaped the regular
circus tax.
on circus and menageries the tax re-
mains the same, 5000, and $50 on the side