The herald., 1912-10-10
Article III.

The General ssembly shall have pow
er to levy for State purposes the fol-
lowing special taxes:
IS provided in the general election laws
10 LoJ sSloA gu L9ql9qM 9lBlS Qua 4,
ors TO exempt from taxation an amount
against the proposed amendment.
l. A tax on the transfer of stocks
in corporations not to exceed cents d
share.
2. A tax on the organization of do
nestle corporations, organized for prof
IL, excepting banks, fraternal insurance
companies, and building and loan or
homestead association, not to exceed
ten dollars nat, plus not to exceed one
twentieth or one per cent of the au-
thorized capital stock and surplus,
which tax shall be levied upon in
creases of capital stock as well as upon
original issues.
3. A tax on private corporations, or
ganized for profit, for the privilege OF
exercising corporate functions, not to
exceed one-tWentleth OF one per cent
per annum on the outstanding capital
fraternal and life insurance companies
and building and loan or homestead
associations; no such tax to be less
than five dollars. on foreign corpora
tions this tax shall be levied on such
proportions of their capital stock and
surplus as is used in this State in
lntra-state business. In lieu of the
franchise tax on capital and surplus,
life insurance companies, foreign and
domestic, not including fraternal in
surance associations, shall pay annual
ly fiat fee of $4,000 plus $3.50 on
each 100000 of premiums collected
in Louisiana during the preceding year.
4. An annual ad valorem tax on all
automobiles and taXicabs, and also on
transportation of persons or freight for
hire, with permission to the local gov
eminent of the residence of the owner
to levy an annual license tax not to
4,
of this State tax collected from each
owner shall go to the State good roads
FUNDS; the remaining moiety of such
tax shall be paid over by the State to
the governing authority of the locality
from which the machine is registered,
to be devoted exclusively by such gov
erning authority to the Improvement of
the public highways within it's juris-
diction.
5. 4 tax on cotton future contracts,
in lieu of all licenses to future brokers,
of not more than fifteen nor less than
ten cents on each purchase and sale
transaction. one-half by the buyer and
one-half by the seller.
8. A tax on grain, coffee, rice and
sugar future contracts, in lieu of all
licenses to future brokers, of not more
than one and one-half per cent nor
less than one per cent on the commits
sions paid on each transaction. Each
unit contract as established by the
rules of the respective exchanges shall
be the basis of the tax, to be paid,
one-half by the buyer and one-half by
the seller.
Z. A true, progressive inheritance
tax for the benefit of the General Fund,
and il such tax is levied all bene-
ticiaries shall be divided into the fol-
lowing classes with the following max
imum exemptions for each class:
First. ascendants. descendants, and
spouses, with an exemption of $4,000
each. except as to the widow, when
cept as to children under the age of
sixteen, when the exemption shall be
$500 each. The widows marital fourth
shall be exempt.
second degree. including nephews and
nieces and their descendants when the
estate is divided by roots, with an ex
emption of $1,000 to each root, and
$1,000 each.
Third. collateral relations of the third
degree, excluding nephews and nieces
and their representatives, with an ex-
emption of $500 each.
Fourth. all other collateral relations
within the sixth degree inclusive, with
an exemption Of $3.50 each.
Fifth. strangers and all collateral re-
lations beyond the sixth degree, with
an exemption Of 500 each.
The maximum rate of the progress
sive tax shall not exceed eight per
cent for the first class, twelve per cent
for the second class. sixteen per cent
for the third class. twenty-five per cent
for the fourth class. and thirty per
cent for the fifth class, maximum rates
to be attained when any inheritance,
legacy, or donation exceeds a half mil
lion dollars.
And the minimum rates Of such tax
shall be one per cent for the first class
two and one-half per cent for the sec
ond class. three and three-fourths per
cent for the third class. seven per cent
for the fourth class, and thirteen per
cent for the fifth class. Whenever the
rate of assessment levied against any
Inheritance. legacy, or other donation,
when deducted from said inheritance,
legacy. or other donation. would leavs
than he would have received had the
inheritance. legacy, or other donation
ellen into the next lower class in the
classification according to amount of
actual cash value. then the rate of
taxation shall be first calculated upon
the maximum amount in said next low
er class. and the remaining amount of
the Inheritance. legacy, or other dona-
for the higher class into which the in
heritance. legacy. or other donation
falls.
Duplication of inheritance taxes as
between this State and other States,
foreign and domestic shall be avoided
by the exemption of corporal prop
erty belonging to a decedent Of this
state. and situated outside Of this State.
to the extent of any inheritance tax
of such other State; and by the ex-
emption of incorporeal rights belong
ing to nonresident descendants. such
as shares of stock In Louisiana cor
porations. notes, bonds, and evidences
of debt due by Louisiana debtors or
bearing on Louisiana property. to the
same extent.
This tax shall also be applied to all
donations inter vivos. the donees to be
divided into the same classes herein
before defined. All donations inter vi
vos to the same person within a pc
Rod of five years shall be taxed as II
together constituting single dona-
ton.
Legacies and donations inter vivos
to educational, religious, or charitable
institutions. or to trustees for educa-
tional, religious or charitable purposes,
shall be exempt from this tax, unless
such donation, or legacy, shall be more
than half OF the disposable portion of
the testator's, or donors estate, in
which case the tax shall be imposed
upon the entire legacy or donation and
the legatees or donees shall be consid-
cred to be within the third class.
8. Such other special taxes as the
General Assembly by a vote of two
thirds of all the members elected to
each house may from time to time pre-
scribe.
Article ".
l. The General Assembly shall have