Daily Kennebec journal., 1908-12-19

of the collection of the tax. Provisions
should be made obliging the registers OF
| the filing of petitions for allowance OF
wills or Cor administration Of an intes-
tate estate The filing of an inventory
of the estate should be mandatory in al
| cases-and corporations should be pro.
hibited from transferring stock without
evidence. that the tax has been paid
| Safety deposit companies would not al
low an executor or administrator to oper
the safe of a decedent without authority
from the court. The administration OF
the law could he further safegnarded by
forbidding the recording of any transfer
of real estate of the deceased withon
| evidence that the tax has been paid
| These provisions are necessary in order
that the heirs may not settle and divide
the property without authority of th'
probate court. This is often done as Tn
law stands at present. and if the inner
itance tax is to be well and justly ad-
mnistered the practice must be prohibit
ed.
Savings Deposits.
The State taxes savings banks on theil
| deposits With certain exceptions Tho
rate is tVe-eignths of ! per cent on thf
deposits represented by investments with
cent on deposits represented by invest
| nents within the state: This d1scrmlna
ton in favor of investments within tn
State seems to be the settled policy o.
| succeeding Legislature, and we recon-
mend no change
The State levies tax of onchalf of J
per cent on ,, sayings YIN deposits pn,inr IN trust
Within recent years national bank,
have opened savings departments and
have competed fer this class OF, Of account n
! Legislature. These deposits In natlona
hanks arc taxable under our statutes
to the individual depositor where he re.
sides at the local rate of taxation. bu
| as a matter of fact very small part, ii
| any at all, is listed and taxed
| Under our laws. if a thousand dollars
1 &c, tod in c.
| of a trust company the State receives an
annual tax of s.. but if the money is
withdrawn from trust company and de-
| the tax of 81. In our opinion say ings ac-
counts in these institutions are the same
| class of property and should be taxed
alike.
| In Vermont individuals are Obliged to
return to local assessors and to an officer
of the state a true list OF all their saV-
| ingS accounts in national banks.
| The local assessors in turn are to notify
the state officer of the amount of the de-
nosits returned to them. ON these depos,
| Seven-tenths of | per cent. direct to the
state The law provides. however thai
| in lieu of these returns by the depostors
| the banks may elect to file an affidavlt
| stating the aggregate amount OF such dc
posits and voluntarily offer to pay the
| tax, deducting it from the denositors &C
| taxation, the same as deposits in trust
| companies and state banks
We recommend that such n law be
| enacted in this STATE. except that thu
rate he fixed at one-half of per cent
| instead of seven-tenths thus putting sue
| deposits on a parity with ike amount
| in savings banks and trust companies:
We also recommend IA law reuuirine
| cashiers to return to the hoard OF statf
posits which shall include the name. res
| idence and amount Cue each such depos
| itor. unless the bank itself shall elect tt
;fa ineur,nce corop.p;as
re- ires,'rnnno no,;o,, ,naa,, is = vol.
uable asset. Money can be borrowed upo'
al "e' ~ p'N'-~7 '''> '>'
an Tho rasor,a held for tho nrotection arf
henas+ 81 N-o;nn icvho,ders j. Moin.
n,nna" on,1ectcd fron, Maine noiicvhold
aro "a ,,n "a Geo mn yaiid raaenn ivhy j.
ehn,,id IfIu ot W. fa ta.cd in sinoiov n1a,lna
,''' tn eav;nrs mo, acc"nnts in o,l,. hanks ane
MAI tox of cne-Ealf Of of per cent. o.
tbo he, resa,re seN be,d h,. The comnanies for tn.
henefit Of Maine no,icvboldnrs' Tnder the
nrnnnsea ~ ss,ep, he Steta vii, roce;ve
n pnolrn1n mn1a, taT on the he n,onev actnaIv bel
n traua t,n ;. ,sN on 1e oin"hoGers ne
W. VIC 'me resarre or yaImn increa Sos The tev
i''1,r1'srs W. asl,od the insurance comna,ies tc
f,,rnisl, NC ,,,;th ,be .,1nount ri thc ra
,a u,1Hi, hofa Nv, oh cor,nanx for tho hon
EFT of Nv Wai,,e rolicv%n,Gars The tota'
n,o,,1, cn VIA ;s 600 eeo 7e, A. An NINA
TO- ~ o,,o baIf rf I nor cent p,oi,ld vielr
the SIM Of sll3. .3l3 So We would recon
mend that from the amount of the ta~
assessed the companies be allowed to de
duct what thev nav in local taxes on rea'
property owned in Maine
Our present insurance tax laws con
tain what is called a retalato,y clause
Tho operation of this law permits thr
State to tax foreign cor,panes at as big
2 rate as tie hone state OF any partlcu,
~ c,fi.atS 2 .o+ VI n owe I.r
w W. u' ~ iee. ,a va ,,;,,oin,ae af instin,
u ~ "ii ,aon,o oootrr o,a W. ~ ranoa
we 'heieio'c ieeoniiii' NJ ~ 'FPe''
Merean+iIe cornorations.
:,
Under this heading we include al
corporations other than pubic service
corporations. Under the present law the
state eXactS certain ices at the llne OF
lncorp9la a.i ana S,,,tiii h St; Srau.lai;eu al,
this class. to our minds. are the only
corporations that pay what may be strict
ly called franchise tax, inasmuch as the
payment of the State tax does not carry
with it any exemptions in respect to
their property, as is the case with publ"
service corporations. During the year 1907
the State received from the organization
of new CORPORATIONS $J35, 1880. and from
the annual tax on the franchises Of such
corrorations s145315, making a total of
1921, ,D97. 80. AS to the aivisahiity of grant