The herald. [volume] (New Orleans, La.) 1905-1953, 1912-09-05
Article III.

The General ssembly shall have pow
eF 70 levy Tor State purposes the FOL
! IS provided in the general election law
40 LoJ s9loA gu L9ql5qM 94gIS ou4 ,
ors 10 exempt from taxation an amour
against the proposed amendment
! l. y tax on the transfer of stock
IN corporations not to exceed 2 cents
snare.
2. A tax on the organization of do
Lnestlc corporations, organized for prof
II. excepting banks, fraternal insuranc
companies, and building and loan o
homestead association, not to eNcee,
ten dollars fiat plus not TO exceed one
twentieth of one per cent of the au
thorlzed capital stock and surplus
which tax shall be levied upon in
creases OF capital stock as well as upoi
original issues.
J.. A tax on private corporations, or
Sanlzed for profit, for the privilege o
exercising corporate functions, not I,
exceed One-tWentleth of one per cen
per annum on the outstanding CAPITA
stock and surplus, excluding banks
fraternal and life insurance companie.
and building and loan or homestead
associations; no such tax to be less
IMAM nVe dollars. ON foreign corpora.
tons this tax shall be levied on sucf
proportions of their capital stock anC
surplus as is used in this State in
lntra-State business. In lieu of the
franchise tax on capital and surplus
lie insurance companies, foreign anC
domestic. not including fraternal in
Surance associations, shall pay annual
ly fiat fee of $4,000 plus $3.50 or
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
all other auto-driven vehicles used for
transportation of persons or freight for
hlre. with permission TO the local gov
eminent of the residence of the owner
to lew animal linanSn .,
exceed $500. One-half of the proceeds
OF this State tax collected from each
owner shall go to the State good roads
funds: the remaining moiety of such
TAX snail 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
erhlnS authority TO the Improvement OF
the public highways within its 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
or each 100 bales, to be paid on each
transaction. one-half by the buyer and
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
rules of the respective exchanges shall
be the basis of the tax to be paid,
one-half by the buyer and one-h half by
the seller
Z. A true. progressive inheritance
tax for the benefit of the General Fund,
and If such 4 tax is levied all bene-
1ciaries shall be divided into the fol-
lowing classes with the following max
mum exemptions for each class:
First. ascendants. descendants, and
Spouses, with an exemption of $1,000
each. except as to the widow, when
he exemption shall be $4,000, and ex-
,ept as TO children under the age of
sixteen. when the exemption shall be
$500 each. The widows marital fourth
shall be exempt.
Second. collateral relations of the
lieces and their descendants when the
estate is divided by roots, with an ex-
.mption of $1,000 to each root, and
iaal ghters -in-law with an exemption of
1000 each.
Third. collateral relations of the third
iegree. excluding nephews and nieces
md their representatives, with an ex-
mption of $500 each.
Fourth, all other collateral relations
within the sixth degree inclusive, with
N exemption of $3.50 each.
Firth, strangers and all collateral re-
atoms beyond the sixth degree, with
n exemption of 500 each.
The maximum rate of the progress
i've tax shall not exceed eight per
ent for the first class. twelve per cent
or the second class, sixteen per cent
or the third class. twenty-five per cent
or the fourth class, and thirty per
ent for the fifth class. maximum rates
be attained when any inheritance,
egacy, or donation exceeds a half mil
ion dollars.
And the minimum rates of such tax
hall be one per cent for the first class
wo and one-half per cent for the sec
nd class. three and three-fourths per
ent for the third class, seven per cent
or the fourth class, and thirteen per
ent for the fifth class. Whenever the
ate of assessment levied against any
Inheritance, legacy or other donation
7hen deducted from said inheritance,
egacy or other donation, would leavs
he beneficiary a smaller net amount
han he would have received had the
inheritance. legacy, or other donation
!. Hen into the next lower class in the
lasstfcation according to amount of
ctual cash value. then the rate of
aXation shall be first calculated upon
he maximum amount in said next low
r class. and the remaining amount of
he inheritance. legacy, or other dona-
ion shall be taxed at the rate fixed |
Or the higher class into which the in
alls.
Duplication of inheritance taxes as
etween this State and other States, |
)reign and domestic shall be avoided |
y the exemption of corporal prop |
rty belonging to a decedent of this |
tate. and situated outside of this State, |
} the extent of any inheritance tax |
such other State; and by the ex- |
mption of incorporeal rights belong |
lg to nonresident descendants such |
S shares of stock IN Louisiana cor |
orations, notes, bonds, and evidences |
debt due by Louisiana debtors or !
caring on Louisiana property, to the |
ime extent.
This tax shall also be applied to all |
onations inter vivos. the donees to be |
ivided into the same classes herein
efore defined. All donations inter vi
Os to the same person within a pc
cd of five years shall be taxed as If
'gether constituting a single dona-
on. !
Legacies and donations inter vivos |
, educational. religious. or charitable
or to trustees for educa-
onal. religious or charitable purposes,
lall be exempt from this tax, unless |
lch donation, or legacy, shall be more
ian half OF the disposable portion of
lie testator's. or donors estate, in
hich case the tax shall be imposed
pom the entire legacy or donation and
lie legatees or donees shall be consid-
ed to be within the third class.
s. Such other special taxes as the
eneral Assembly by a vote of two
ich house may from time to time pre-
,ribe.
Article ".
1. The General Assembly shall have
over to levy license taxes only on