New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-27
MORTGAGE TAX TANGLE.
Senator Pages Bill Farther InuoIUes
Proposed Legislation.
IBY TELEGRAPH TO THE TRIBUNE. ]

Albany. April 26-The Mortgage Tax bill tanglo
further involved to-day by the introduction of
the bill forecast in yesterdays Tribune, substituting
for the annual Il per cent tax of the measure
in the Governors hands stamp tax of one
quarter of per cent payable when the instrument
is executed, and going entirely TO the State. This
measure introduced by Senator Page, met imme-
date opposition from Senator Lewis and Senator
Aids the Joint authors Of the bill already passed
and when Senator Page tried TO have the progress
of the measure FASTENED by giving it advanced
place the calendar they shouted their objections
The bill therefore took the usual course and went
10 the Taxation Committee. where it is expected to
receive short shrfft
Senator Page admitted that his bill was introduced
without the approval of the Governor. Governor
Higgins said:
When Senator Page asked my opinion on the
measure ] told him that il would impose double
tax and that any additional burden on the estates
taxation would be most unfair.
This remark from the Governor was called forth
by the fact that the Page bill contains no provision
for exempting instruments thus taxed from local
taxation. In addition TO taxing mortgages it places
a similar tax on all conyeyances The bill is ex-
tremely simple. the scheme of stamp taxation II
proposes operating like that which existed during
the Spanish war. Senator Page explains that the
bill would be most acceptable as a substitute meas
ure 10 New-York City interests He estimates that
il would bring about $l250OOO from that city alone
during the first year
The Attorney General has finished preparing
substitute bill designed to correct certain defects
IN the administrative provisions of the measure in
the Governors hands. and to exempt building and
loan associations, and the measure is now being
studied by committee consisting of Senator Lewis
and Senator Aids. Assemblyman Wade and ex-
senator Pound, the Governors legal adviser This
Is the bill that stands the best chance OF becoming
law.
Governor Higgins expressed his opinion Of the
new Jersey City Stock Exchange proposition TODAY
IN the following manner:
People seek to avoid taxation by all sorts Of
means Some go 10 Rhode Island, some 10 the
mere from other States for the same purpose Some
nave mortgages made out TO their cousins, their
uNcles and their aunts and then, since il is not
necessary 10 record an assignment have the insru-
~ up 10 the assessors office and evade their taxes
by committing perjury. There Is a certain per-
centage OF people in every State who seem able
20 justify themselves I'm beating the government
Ihey appear TO have no conception of the benefit
the government gives them.
Are We to infer that you regard the New-Jersey
move Of this sOrt?' asked.
Il am not answering that question" replied the
Governor with a smile.
When told what the Governor had said. Senator
Page replied:
! agree with the Governor. in a measure. Any
mortgage tax is. In a sense, double taxation. A
recording stamp tax, with exemption from local
my bill very easily TO such measure. and II the
Governor and legislative leaders will agree TO that
proposition, l will furnish them with self-operat-
ing bill that will produce the necessary revenue.