New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-31
NEW TAX LAW HELPFUL
Commissioner Says It Will Bring
Back Much Capital to New York.
INHERITANCES AFFECTED
No Longer Necessary to Take
Residence Outside the State to
Escape Drastic Provisions.

Commissioner Charles ]. Mccormack.
acting president of the Department OF
Taxes and Assessments. issued "A state
ment yesterday saying that the three new
tax laws just signed by the Governor arc
Of great importance to the citizens of New
York City. These are the laws changing
the date Of the payment OF taxes from an
nual to semi-annual. the tax on secured
debts and the inheritance tax.
The inheritance tax change. says the
Commissioner, is of particular importance
to this city because its people no longer
have to seek residence outside the state
'in order to escape the drastic provisions
Of the Inheritance tax law of 1910
The Commissioner SAYS:
The present law is moderate in the grad
ed rates; il also contains provision en-
tirely new and not 10 be found IN me riii--
heritance tax law of any other state. ! nls
is the entire exemption OF the lntangl pies
of nOn-resdonts. IT is now possible lot
those who do not reside in tine Sthte vi
New York to keep deposits IN Ne" loI i
banks and 10 keep securities III sale deposIss
boxes i'm New York and TO own stocks anu
bonds of New York corporations Withoui
fear OF an inheritance tax TO BE- collectsu
Upon these deposits ana securities by Hle
State of New York. This VIII ttnd 10
Jraw Investments and capital to the city
Of New York and IN this way VIII duu
greatly to the resources ana B'h'Idl D"H'
ness Of our city.
~ regard to the new date for paying
taxes the Commissioner says:
The second Monday Of January has been
the tax date in the city of New YORK Tor
SO long time that II viii be a nm, nh, iJr
our citizens to drop this date from thelr
minds and substitute for II TN" hrs' hdN
of October. which hereafter - 10 he the tdE
date i'm this city. The cnange taxes eneC,
Dcfoher I This means that the period
during which applications for reduction "t
assessments will he heard Is during Oclo-
Der and November for personal propeTlI
and from October 10 November ] Tor real
estate.
The department will in every way try TO
bring the notice Of this change 10 the own
ers OF property whose names are on our
assessment roll II is well known. however,
that in assessing real estate the department
makes the assessment against the property,
and that in many instances II does not
know the owners names. Only two months
will he given under the law for reduction
Of personal assessment. from October To
November. Those who receive our notices
should attend to them with all prompmeSs
If they desire relief from the tentative as
scssment.
The law taxing secured debt takes effect
September t. and will apply 10 assessments
on October I. This law provides that the
owner or any DOflG or OtlleT security NH'I
comes under the definition of secured
debt can present II TO the state Controller,
pay q tax Of one-half Of ] per cent on the
face value. have il stamped 10y the Con
troller and thereafter hold II free from
state and local taxation.
The owner Of any secured debt on which
the tax provided for in this article has not
been paid shall be assessed upon such
secured debt in the taxing district in which
he resides upon the fair market value OF
such secured debt, and no deduction for the
Just debts owing by him shall he allowed
against the assessed value Of such secured
debt. as provided I'm Section = of TINS
chapter or elsewhere in this chapter, or IN
any other law Of this state.
Many persons now hold bonds and mort
cages on property outside Of the state or
New York against which they are able 70
claim the Offset Of debt allowed 10y the
law Under the provision Of the new law
they will no longer he able 10 do SO. and
II their bonds have not been registered
with the Controller and if they have not
paid the one half Of I per cent tax on such
bonds they will be taxable At the local
rate without any offset for debt