Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-05-17
STATE HOUSE.
Annual Franchise Tax on
Corporations.
Articles Of Association Of New
Street Railroad.
Candidates for Undertakes and
Emhalmers Pass Examination.
STATE HOUSE CALENDAR.
Next Meeting of Governor and Council,
Wednesday, June II.

the last of March, the noticeable fca-
ture being the small size of the fees
which are being paid into the State
treasury.
The number Of corporations which
are coming along is about the average,
but the falling off is in the amount Of
fees, which in other words means that
while the corporations OF small capt.
talization are coming along as usual
the larger ones are going elsewhere.
The number Of corporations which
have been organized in the State thus
far this month Is CT, and of that num-
Der one-quarter, or 16. paid fee of $40
into the State treasury.
In January Of the present year five
corporations paid in $1,000 or more for
organization. Under the old law cor
puratiors of $100O0O00 capitalization
would pay into the State treasury rs
an incorporation fee the sum of $1,000,
and would pay $275 per year as fran
chise tax, while under the new law al
though the Incorporation fee would be
the same, the annual franchise tax
calls for the payment Of 1928 per year.
The law which provides for the in
crease in the annual franchise tax of
the larger corporations is an amend
mcnt Of See IS Of Chap 1S5 Of the
| Public Laws Of 1907, and reads as fol-
| lows:
''SectiOn IS. Every corporation in
| corpOratcd under the laws Of the State,
except such as are excepted by section
| tWcnty-siX Of chapter forty-scNcn, snail
! pay an annual franchise tax of five
/ dollars provided the authorized capital
| Of said corporation docs not exceed
fifty thousand dollars; of ten dollars.
provided said authorized capital OK
cccds fifty thousand dollars, and does
! not exceed two hundred Thousand dol
lars; Of fifty dollars. provided said
| authorized capital exceeds two hundred
| thousand dollars. and does not exceed
! five hundred thousand dollars; of
sevcnty-fivr dollars. provided said au-
| tnorZcd capital exceeds five hundred
| thousand dollars. and does not exceed
one million dollars: and the further
sum Of fifty dollars a year for each one
| million dollars. or any part thereof, in
| excess Of one million dollars"
| In other words the corporations af-
| fcctcd by the law are those of an au-
| thorizcd capital Of 5000 DO0 or over on
| corporations Of an authorized capital Of
| from 100000 to $50O.O00. while under
| the old law the franchise tax was So
| per year it is now $50. and for those of
an authorized capital IF from $500 900
20 Sl.ho0,OO0 il was $50 per year, it is
| now $40. For each million or part
| thereof i'm excess of 81 600. 900 the tax
WAS So per year ana is now $50
| IL II expected that the ultimate re-
suit Of the new law will be the with
| drawal of the larger corporatfons from
| the state of Maine and their rcorpan-
| ization under the laws of the state Of
| Delaware. which means 70 Maine \
great loss in revenue.
Announcement was made Thursday
| ~ ~" "li''" n IN" Board M Railroad
GUM ''~"ihh'fS 81 ~" approval ~ the
n"arn "i TN" articles Of association Of
| 60. Ike late Of the approval being
| May Il.
According to til" petition the COM
pany is t. be formed for tho mlrposn
of constructing ana opcratino \ street
railroad in and through the cities of
Portland and Wcstbrook ana thc
towns 81 Windhan, Raymond Casco.
Naples ard BridGtoa, all in the county
is 10 be 4 foct 81 inches Ana tba ,a,,, '.,.
Of the road ~ nearly u. p,,v II, i.
40 miles
The amount Of capitaI stocl, &c s,co
OO0 and the number of sbaros is 1eoo
The names ana residences or IA et,.,ra
holders ana tha n,mhar ~ sbara. ..,it,
scribcd to bv each is rs follows.
William N. Sturces Of scranton u.
go shares. n. u Sturrcs of cc,,r+,,,,
Pa. 500 shares. Tracy ~ tIoIIand IL
New York civ. 200 shares. 1Ia,,,..,I
WINSTON of Portland sbaro,. tIa,,,,'
l.. Forham Of Portland :, shnras.
T.IowaII,-n partar ~ pa.,iai
= ii"ii',ch ~ 'aSco' . Shares. The