Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1904-12-31


shall be the equivalent OF seven
tenths OF one per cent. OF the capita
invested or used by such corporation Il
this state which for tina purposes o
this act shall be deemed TO be that por
ton OF the entire capital OF such cor
poration invested or used In the oper
alton OF sleeping, parior, dining OF 9th
er similar cars which the number o
miles OF all railroads within this state
on which such cars shall have beer
operated by such corporation durinl
such year bears TO the total number o.
miles Of all railroads within and with
out this state on which such cars shall
have been operated by such corporation
during such year,
II. Every such corporation on o.
before the first day OF August II
each year shall Ale a return upor
blanks to be furnished by the commits
sioner OF state taxes. giving the mum
her OF shares OF capital stock so In
vested or used; the par value OF such
shares; the amount OF surplus
undivided profits or deferred dividend.
In script or otherwise that shall have
been set aside on account OF such capt
tai stock: the number OF miles of rail
road located within and without this
state over which such cars shall have
been operated by such corporation dur
ing such year; the number OF miles OF
railroad within this state over which
such cars shall have been so operated
by such corporation during such year
ana any other material facts which
said commissioner shall deem neces'
snry to determine the amount OF the
tax imposed In subdivision one OF this
section.
III. The fair value Of the capital o,
such corporation invested or used ir
this state determined as aforesaid shall
be established by the commissioner Of
state taxes on or before the 18th day OF
the last mentioned month who shall en-,
Aerse on said return tho valuation sc
established by him; and who shall also
| on or before said last named day mai
notice In writing to said corporation
| Of the amount Of such valuation anc
the amour, Of tax due under the provi.
sions Of subdivision one OF this sec.
| ton.
". In case such corporation shall
| be dissatisfied with the valuation OF
such capital stock determined as afore.
| said. II may on or before the 18th day
| of September next succeeding such de.
termination. appeal to the commission
| designated In section seventeen OF No
| 90 of the acts OF 1902. And said appeal
shall be heard and determined on o,
before the 10th day of October follow.
f,,rr -,sI L.. -
Ject to the provisions of section seven
teen and eighteen OF said last named
act in SO far as they are applicable
thereto. provided. however. that the
| notice of the, value of the capital fixed
by said commission need not be record.
ed as therein provided.
V. A railroad corporation owning OF
operating q railroad located In whole
or in part in this state operating its
own sleeping. parlor, dining. or other
similar cars, and paying the tax pro-
vided in section 10 or section 20 OF this
act shall not be required for the same
year to pay the franchise tax or tc
make the returns by this section.
Sec. II. Section twenty-nine Of said
act Is hereby amended so as to read az
follows
Sec. %. A corporation, association
or person doing express business In
this state shall annually on or before
the 18th day Of October pay a franchise
tax to the state OF Vermont for the fs-
cal year ending with the last day of
June next preceding. which is hereby
assessed at the rate Of eight dollars
for every mile OF railroad located with.
In this state over which such CORPORA
ton. association or person so doing ex-
press business herein, shall have dur
ing such year transported property for
hire.
Sec. ~. Section thirty-four of said
act is hereby amended so as to read as
follows:
Sec. "a. Such corporation or person
may In lieu Of the tax assessed in the
preceding section annually pay to the
state sum equal to three per cent.
OF the entire gross earnings of such
corporation or person collected within
the state on account Of telephone mes
sages or communications sent or re.
ceived within this state including all
sums received for tolls and for rental
OF lines. instruments or other appli-
ances. and from any division or ap-
portionment OF tolls or rentals collect.
ed within this state. during the year
ending with the last day OF December.
1905. and for each year thereafter.
Sec. 10. Section thirty-seven OF said
act is hereby amended so as to read as
follows:
Section 81. In determining the amount
of taxes to be assessed under the pro.
wilson's Of the preceding section, there
Shall be deducted from the full amount
OF such premiums and assessments all
sums paid for returned premiums on
cancelled policies upon risks located
herein: dividends actually paid to poll
cy holders herein residing; and all
sums actually paid to other companies
incorporated under the laws Of this
state or to foreign company licensed
to do business herein, for Reinsurance
On risks within this state for which the
full premium shall have been collected
by the company claiming such deduc.
ton.
Nothing in this section shall be con-
strued to allow dividends in script or
otherwise In stock, mutual or mixed
companies, or surrender values for life
policies to be considered return pre-
miums.
Sec. IA. Section sixty-two of said
act is hereby amended by striking out
the words "hfty.fve" where the same
first appear in said section and by In
sorting in lieu thereof the words
"ifty-nine."
Sec. 10 Section sixty-three Of said act
Is hereby amended by striking out the