Audubon County journal. (Exira, Iowa) 1884-1993, 1907-04-04

tie fishes; must carry the state ra1I-
road commission free, and may extend
special rates to school children and
the militia. Nor are it's provisions
to interfere with any contracts now
existing between municipalities and
franchise holding corporations which
issue passes to city officials as a part
of payment for their rights.
The most important amendment at.
tached to the bill was that offered by
Senator Saunders making publicity as
to the holders of passes optional with
the executive council.
May Tax Franchises.
Des Moines.-After a fight extend
ing over most of the day the senate
passed bill levying a corporation
franchise tax and requiring annual
reports from corporations doing bust
ness in this state.
This bill, of which Senator Ericsson
was the author, was the subject OF
debate one other day when it was
recommitted to the judiciary commit
tee which, presently, reported sub
stitute eliminating the tax feature
and leaving in the bill only the pro-
vision requiring an annual report.
1t was on this substitute that the
issue was finally joined. 1t was de-
feated and all amendments tending to
weaken the measure. except that cor
porations having less than $1,000
capital are exempted from the pay
ment of the tax.
The bill received bare constitu-
tional majority of twenty-six votes.
The bill requires all corporations
with more than $4,000 capital doing
business in Iowa to pay an annual
license fee to the state treasury.
This fee is fixed at $40 on capital
of $4,000 to 100000; SIS on capital
of 100000 to $5OO,COO: $40 on capt.
tai of 100000 to $1,0O0,000, and $25
on capital over $1,OOO.OO0. 1t requires
sworn report to be made annually
by each corporation, showing name,
location, capital. stock authorized,
stock issued, value, names and post
office of officers and directors. If the
report is not made and the fee not
paid within sixty days the secretary
may revoke the certificate and per-
NIT of the corporation, provided he
may reinstate them upon payment OF
the tax and expenses of collection and
making its report as required.
Direct Inheritance Tax.
| At meeting of the ways and
means committee of the senate bill
providing for the taxation of direct
inheritances, prepared by Senator
Gillilland at the request Of special
committee composed of Senators
Smith of Mitchell, Saunders, Dun
ham, Maytag, Gillilland and Lambert
was reported out for passage and
was placed on the calendar.
Its provisions are as follows:
Section 1467-F. Where the share
of the Inheritance falling to the
father, mother, husband, Wife, lineal
descendant, adopted child or the
lineal descendant of an adopted child
of decedent, after the payment of all
debts, exceeds the sum Of $4,000
such excess shall be subject to tax
as follows:
con the first $4,000 or fraction
tnereOI, per centum.
ION the second $4,000 or fraction
thereof, 2 per centum.
"On the third $4,000 or fraction
thereof, 8 per centum.
con the fourth $4,000 or fraction
thereof, per centum.
"And on any sum or interest be
yond such fourth $4,000, per cen
tum.
Provided, however, that to the
surviving spouse there shall be ex
empt the full net one-third of tn,
estate, however large"
There is no way in which tn,
revenue from this law can be esti
mated until it has been in operation
The method and machinery of col
lection Of the. collateral inheritanc,