The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1909-08-06

Foreign built yachts are subid i'
an excise tax Of seven dollars I'f
gross ton. which ls Co be- collects ah.
nually on the FIRST day OF septtl5
In lieu Of the excise tax the oin'i
Of a foreign built yacht or pltuIfe
boat may pay a duty Of IS per ent
ad vslorem on his yacht This slll
crtItie him 90 American registry The
excise tax provision was adopted D..
cause nj the fact that some qutaoi
has been raised about the abillr %.
the government 10 enforce colleloh
OF Import duties
Corporation Tax.
Every corporation. Joint stock Cm
pany ~ association organized GOT
prlrt and every Insurance company
Us required 10 pay annually an tais.
tau oi one Per cent upon It's erlro
net Income over and above $3.50
This foatur" was put into the bl To- .
raise additional revenues tn apply on
tHo treasury deficit The section ms
prepared by Attorney General Wicitr
. sham. assisted by other able Lawyers
I loo the administrative circle. and grat
I care WAS taken 10 guard agihsi
/ double taxation. II provides n ftru
| OF publicity which will enable the py
| eminent 10 exercise supervision Der
corporations The form Of rcuins
I which must be- made by corporatlbs
and other features of the corporatDn
| tax law we're made public In d'nl
during ~ consideration In the aen1e
Il IN estimated that from t2O.O0ON0
TO $4,000 600 "a year will be collodtd
under this form Of federal taxation
The secretary u the treasury
| authorized to issue Panama can
bonds to the amount Of f29O.569 On.
which sum. together with that alrcid
| expended. equals the estimated Coz
of the Panama canal Il Ia not lntett
I'd that the bonds shall be issued 81
ccpt NJ needed 10 provide money h
carry on the work of canal constri,
ton The bonds are to be payable b
years from the date of issue. and vii
bear interest at rate not cXccedIif
three per cent When the bonds NJ,
sold the secretary Of tho treasury wb
restore 10 the working balance ~
ljOOOD.0OO paid originally for ~
canal property and the canal zone
The rrHpuactment Of the provision
authorizing the issuance Of treasury
certificates Tor money borrowed 10
meet public expenditures. increases
the amount of the authorization from
SiOo,0oO.OOo to i2oO.ODO.OOO. a large
number of other provisions that ate
In force under the existing tlrin law
are included la the conference bia.
with few uhangcs IN phrascology ia
several eases.
The drawback provision OF the Ding
Icy law ia Incorporated In tho confer
cncc bin iu lieu ~ the drawback q
the house bin which Intended to per
init the substitution of domestic ma
torial IN the manufactured article TOT
export 10 tho same quantity that the
imported material. upon which q
drawback was obtalnable. was used in
tho manufacture Of similar articles
for domestic consumption. An addl
tlonal provision was adopted emitting
users Of domestic alcohol In tho man
ufacturo Of perfumcry and cosmetics
TO secure a drawback Of Internal rev,
Cnuo tax to the snaaa, OF alcohol
used In an exported article.
Senate Ideas Accepted.
Practically all the adminlstratiy,
features of the bill which were adopt
ed In the senate were accepted by IN,
conioToos. They Include a new maxi
mum and minimum feature. a corpo
ration tax law instead Of the lnhcrl
lance tax adopted by tho house. au
thorlzation for a bond issue 10 rails,
money 10 build the Panama canal. a,
well as numerous other features.
The maximum and minimum proyl
sion prcscrihcs duties In accordanc,
with tho rates named In the dutlabl,
list until March "a. 1910 when 2.
per cent. nd yalorcm IL 10 be added
automatically as the maximum duty
The president is authorized 10 appl,
the minimum rates. however. TO i'm
rurts from n country which gives Ia
best rates 10 the products NJ N,
United Stntcs and Ia made the judr,
| as to whether foreign country ac
D cords 10 the United States treatment
j. which ~ reciprocal ana equivalent
! When ne finds that this condition OK
b lists he is TO issue n proclamation put
I ting In eject the minimum rates and
0 until the time NJ tho proclamation N,
maximum rates will apply.
o The president is empowered tu en-
p ploy such persons as may be- required
y ] IA gprurp information 90 uEsIsf th,