The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-07

/, surplus and undivided profits less the as
sessed value of real estate locally as
sessed anu taxed, and less such further
deductions of not less than five per cent
on their loans and discounts to cover bad
debts and unearned interest as the Cen
cral Assembly may prescribe, which de-
duction 81 Ill be made only from their
surplus and undivided profits; all taxes
TO be paid by the banks and charged to
the stockholders
A. individual bankers. banking firms
and rnincoeporated banking associations,
don.iciIed In this State, shall be assessed
| on the amount of capital, surplus and
] undivided profits actually employed In
their business. less the assessed value of
real estate locally assessed and taxed,
actually and exclusively used and en-
ployed in their business, and less such
further deductions not less than five per
cent on their loans and discounts to
cover bad debts and unearned interest as
the General Assembly may prescribe,
which deduction shall be made only from
their surplus and undivided profits.
| 5. Foreign banks and individual bank
ers, banking firms and unincorporated
banking associations. dopiciled ort of the
State but doing business in this State.
shall be assessed on such proportion OF
their capital, surplus and undivided
profits as is actually employed in this
State. less the assessed value of real es-
tate locally assessed and taxed. actually
and exclusively used and employed in
such further deductions. not less than
! five per cent on their loans and dis
counts. to cover bad debts and unearn-
| ed interest as the General Assembly
may prescribe. which deductions shall
be made only from their surplus and I'M
divided profits.
6. Insurance, bonding and surety COM
panies. ana persons. firms and associa-
| lions engaged in the insurance, bonding
and surety business, excluding however.
| fraternal insurance companies and asso-
Citations, shall be taxed on percentage
of their gross premiums received upon
their business done in this State. less
return premiums and reinsurance in COM
panies or associations authorized to do
business in this State. The percentage
aforesaid shall not exceed three per cent
for all branches of insurance, bonding
and surety business, except life and
Industrial insurance and shall not ex-
coed two per cent for life and industrial
insurance. The special taxes to support
vention bureaus shall not be deducted
from the premiums hereby authorized to
be taxed. When by the laws of any other
state or country any taxes. fines, PEN
aIties, licenses, fees, deposits of money
or OF securities. or other obligations or
prohibitions are imposed on insurance,
bonding or surety companies OF this State
doing business in such other State or
country. or upon their agents therein in.
excess of such taxes, penalties, fees H.
censes, deposits OF money, or of securi-
ties. oil. other obligations or prohibitions
imposed upon such insurance, bonding
or surety companies of such other State
or country. so long as such laws continue
In force the same obligations and prohi-
billions OF whatsoever kind may be inn
posed by the General Assembly of this
state upon insurance, bonding or surety
companies of such other State or country
doing business in this State.
Z. Irrigation canals shall be taxed on
percentage not to exceed two per cent
Of their gross receipts, only such real es-
tate and the buildings and structures
thereon. rights of way. machinery, tools
operation of any canal shall be included
in and covered by this tax on gross re-
ceipts. All other real estate and personal
property OF the owner of any canal shall
be locally assessed and taxed.
8. All sugar refineries. rice mills. cot
ton seed oil mills, cotton seed oil re-
fineries and refineries of petroleum and
its products shall be assessed on the fair
market valuation.
Q. Until otherwise provided by the
General Assembly by vote OF two-thirds
OF the members elected to each house. all
operating mines of sulphur. salt or other
quarries. sand. gravel and shell pits shall
be taxed upon c percentage of the gross
value of the product at tire mouth of
the mine. well. quarry or pit. This per-
centage shall not exceed five per cent for
sulphur: three per cent for salt two and
one-half per cent for oil and gas. and
two per cent for rock and other minerals.
inclusive OF gravel. sand and shells This
tax shall not apply to the product of any
mines, uuarries or pits or oil or gas wells
where the owner. other than public SER
vice corporations. uses the same for his
personal purposes and does not sell the
same or its products or manufacture the
same into another product for sale
Where gravel, sand or shells are taken
from the beds OF public waters or from
shores not subject to private ownership.
the General Assembly may levy special
taxes per cubic yard of material taken
out and may levy different special tax
for each of said objects Of taxation. The
Government Of the United States for any
purposes. and contractors engaged In the
construction Of any public work for the
state or for the United States SOLELY for
the purpose of sich public work are
thorized tn take free from taxation
gravel shell or sand from the beds of
nublic waters and the public shores OF
the State Every citizen of the State
materials for his own personal use free
from taxation. unless they are taken for
sale. All real and personal property of
the owners of such mines. wells. quarries
plements absolutely essential to the OPP
Grafton OF any mine. oil or gas we'll stone
quarry sand. gravel or shell pit and ex-
cept the products themselves while in
me hands OF the nroducer. shall be To-
10. All real and personal property re-
served for local taxation shall he assessed
at such percentage not to exceed 100 per
cent Of its fair market value as each To-
cal governing authority may establish.
and lower percentage may be estab-
lished for personal than for real property
or for the values OF improvements than
for land values.
H., In all assessments Of real property
whether for local or for State purposes
me value OF the. land shall be assessed
senarately from the value OF the improve
ments; but railroad. pine lire and canal
rights OF wav. whether held In fee or rIn-
DER easement. may he assessed separately
from. or together with the irr,nrovements
thereon as the Tax Commission may
deem most practice ble
IL. Assessments shall be arranged geo
graphically as far as possible either upnn
| the roll or upon separate records and the
General Assembly shall pass laws pro-
yidine for the printing and publication In
n1mnhlaf form of tha r-ocord.- el...--s.---